HCL Technologies Partners With ASAP Group in ₹2,300 Crore Agreement
HCL Technologies, a leading global IT services company, has announced its partnership with ASAP Group, a German automotive engineering services company, in a deal worth ₹2,300 crore (approximately EUR 251.1 million). The agreement, revealed in an exchange filing on Wednesday, entails HCL Technologies acquiring a 100% stake in ASAP Group through an all-cash transaction conducted by its UK subsidiary, pending regulatory approvals. The completion of the acquisition is expected by September 2023.
HCL Technologies aims to enhance its expertise in automotive engineering services, with a specific focus on e-mobility, autonomous driving, and connectivity, within the European, German, and other international markets. ASAP Group, founded in 2010 and headquartered in Ingolstadt, Germany, specializes in areas such as connectivity, e-mobility, and autonomous driving, collaborating with renowned automotive original equipment manufacturers (OEMs) and tier-1 suppliers.
Hari Sadarahalli, Corporate Vice President of Engineering and R&D Services at HCL Tech, emphasized the significance of core engineering in the company’s service portfolio and expressed excitement about scaling ASAP’s capabilities and innovations across their global network. Furthermore, Michael Neisen, CEO of ASAP Group, shared his enthusiasm for aligning their growth journey with HCLTech’s mission to leverage technology and talent for driving progress in the automotive industry worldwide.
In its Q1FY24 report released on the same day, HCL Technologies posted a consolidated net profit attributable to shareholders at ₹3,534 crore, marking a 7.65% YoY increase. However, the company’s financial performance fell short of street estimates across various parameters. In the corresponding quarter of the previous year, the company reported a profit after tax (PAT) of ₹3,283 crore. Additionally, HCL Technologies declared an interim dividend of ₹10 per share.
Also Read: HCL Q1FY24 Results: Consolidated PAT is Rs. 3,534 Cr
About HCL Technologies:
HCL Tech, which is short for HCL Technologies Limited, is an Indian corporation that provides IT services and consulting solutions worldwide. Situated in Noida, it established itself as an independent company in 1991 when HCL diversified into software services. With a global reach spanning across 52 countries, HCLTech employs over 225,944 individuals.
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