HCL Technologies has announced its acquisition of ASAP Group, a German automotive engineering services company, for EUR 251.1 million (approximately Rs.2,300 crore). The deal is expected to be finalized by September 2023 through an all-cash transaction conducted by HCL's UK subsidiary, pending regulatory approvals.

With this strategic move, HCL Technologies aims to strengthen its expertise in the automotive engineering services sector, particularly in areas such as e-mobility, autonomous driving, and connectivity. ASAP, founded in 2010 and headquartered in Ingolstadt, Germany, specializes in connectivity, e-mobility, autonomous driving, and other related fields, working closely with leading automotive 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 and expressed enthusiasm about scaling up ASAP's capabilities and innovations across the global network of HCL Technologies. He stated, "ASAP has developed remarkable competencies in automotive engineering, and we share their vision for the future of mobility."

Michael Neisen, CEO of the ASAP Group, expressed delight in aligning their growth journey with HCL Tech's mission of leveraging technology and talent to drive progress for all stakeholders. He believes that the combined expertise of HCLTech and ASAP will deliver exceptional advantages to the automotive industry on a global scale.

In its recent Q1FY24 financial report, HCL Technologies recorded a consolidated net profit of Rs.3,534 crore, a 7.65% increase compared to the previous year. While the company missed street estimates across various parameters, it declared a 10-rupee interim dividend.

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