Hinduja Tech Ltd., a subsidiary of commercial vehicle maker Ashok Leyland, on Wednesday said it has signed a definitive agreement to acquire Germany-based Tecosim Group for 21 million euros (about Rs 190 crore).
This strategic acquisition broadens Hinduja Tech's presence in the European and international markets and solidifies its position as a leading provider of mobility engineering services worldwide, the company said in a statement.
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In a regulatory filing, Ashok Leyland said the transaction was carried out at an enterprise value of 21 million euros.
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Headquartered in Wiesbaden, Germany, the group is into the development of technological solutions that promote sustainable transport, safe and clean energy supply, and a competitive industrial landscape.
Tecosim recorded a turnover of 40 million euros in 2023. Its headcount stood at 650.
Hinduja Tech is a mobility-focused global engineering R&D services firm.
"This acquisition aligns with our strategic goal to become a global leader in the mobility engineering services. TECOSIM's technological prowess and market presence in Europe will greatly enhance our capabilities, allowing us to better serve our clients with innovative and sustainable solutions," Hinduja Tech CEO Kumar Prabhas said.
With Tecosim, Hinduja Tech enhanced its global delivery footprint with enhanced capabilities and strengthened regional delivery centres for European customers with a near-shore delivery offering, the statement said.
Tecosim Group Managing Director Udo Jankowski said, "This collaboration will enable us to identify new opportunities and expand our global presence."
Hinduja Tech said the acquisition is anticipated to close in the upcoming months, pending regulatory approvals.
"After completion, Hinduja Tech and TECOSIM will initiate the integration process to merge their resources and strengths smoothly. The organisations intend to establish a unified brand strategy that embodies their shared vision and dedication to providing superior technical services," it added.
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