HCL Technologies on Friday announced the completion of 100 per cent acquisition of ASAP Group, an automotive engineering services provider, through an exchange filing. The cost of the acquisition was at EUR 251.1 Million.
The acquisition is to be completed through HCL Tech UK Limited, a wholly owned step-down subsidiary of HCL Tech.
"In coming together of E&E/ Software Development and related capabilities of ASAP and HCL Tech’s own presence in the automotive space, the combined business will be a platform for growth in Germany and for further expansion into other key automotive markets in Europe, Americas and Japan," the company had said in a regulatory filing.
Headquartered in Ingolstadt, Germany, ASAP is focused on future-oriented automotive technologies in areas like e-mobility, connectivity and autonomous driving. ASAP serves top automotive original equipment manufacturers (OEM) and tier 1 suppliers in Germany. ASAP's services portfolio comprises electronics, consulting, software, service testing and vehicle development. The company has 1,600 employees across nine locations in Germany.
HCL Tech shares
The shares of HCL Tech on Friday morning at 9:55 am IST were trading at Rs 1,175.20, up by 0.26 per cent.
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