HCLTech to acquire German automotive engineering firm ASAP Group for 251.1 million Euros
The Hindu
HCLTech acquires 100% equity stake in ASAP Group, an automotive engineering services provider, for 251.1 million Euros. It is a cash deal, likely to be completed by 2023. ASAP focuses on future-oriented automotive technologies and serves top OEMs and tier-1 suppliers. HCLTech aims to scale ASAP's capabilities and innovations across its global network, while nurturing local talent and innovation. ASAP CEO is delighted to align growth journey with HCLTech's purpose. HCLTech UK Limited to acquire 100% of ASAP's outstanding equity.
HCLTech has signed a definitive agreement to acquire a 100% equity stake in ASAP Group, an automotive engineering services provider, headquartered in Ingolstadt, Germany, for a total enterprise valuation of 251.1 million Euros ( nearly ₹2,300 crore).
It would be a 100% cash deal involving an upfront full payout, likely to be completed by September 2023, said a regulatory filing made by the company late last night.
ASAP is focused on future-oriented automotive technologies in areas such as autonomous driving, e-mobility and connectivity and its services portfolio comprises electrics/electronics, software, consulting, service testing and validation and vehicle development. The 2010-founded firm serves top automotive original equipment manufacturers (OEM) and tier-1 suppliers in Germany. It has over 1,600 employees across nine locations in Germany, as per the filing.
“Core engineering is at the heart of HCLTech’s DNA and it truly differentiates our services portfolio. ASAP has developed some exciting capabilities in automotive engineering, and we share their vision for the future of mobility. This agreement will enable us to scale these capabilities and innovations across our global network,” said Hari Sadarahalli, Corporate Vice President, Engineering and R&D Services, HCLTech.
This investment also reinforced HCL’s commitment to Germany and would continue to nurture local talent and innovation ecosystem to unlock the potential, he added.
“We are delighted to align our growth journey with HCLTech’s purpose of bringing together the best of technology and people to supercharge progress for all stakeholders,” said Michael Neisen, CEO, of ASAP Group.
HCLTech currently does not hold any shares in the Company and intends to acquire 100% of the outstanding equity of the ASAP via HCLTech UK Limited, a wholly owned step-down subsidiary of HCLTech, as per the filing.
RBI plans ₹1 lakh crore OMO in December to boost liquidity amid upcoming tax payments, ensuring stability in the banking system.
IndiGo faces ongoing flight delays and cancellations due to technology issues, weather, and new crew rostering rules.
Stock markets experience volatility as investors await RBI's monetary policy amid foreign fund outflows and mixed global trends.
ED attaches assets worth ₹1,120 crore in Anil Ambani's Reliance Group case, totaling ₹10,000 crore amid money laundering probe.
Rupee rises 20 paise to 89.69 against the dollar as investors await RBI's monetary policy decision amidst market pressures.
Just nine Fugitive Economic Offenders (FEOs) owed Indian banks over ₹58,000 crore in principal and interest. To date, banks have recovered just over ₹19,000 crore — roughly 33% of the total dues.
Commerce Minister Piyush Goyal urges Indian businesses to seize opportunities in Russia's market, addressing talent shortages and trade demands.
Premiumisation is driving the growth in beauty and personal care industry in India and this segment is growing faster than the products made for the masses, industry executives said at Cosmoprof India 2025, a beauty & personal care industry event currently underway in Mumbai.
Scaling Artificial Intelligence(AI) at the speed at which consultants project is not possible by the laws of physics and may not be environmentally sustainable, said Tanvir Khan, who is the Executive Vice President and Chief Operating Officer of NTT DATA North America, part of the Japanese technology services and data centre company NTT Data, in an interview with The Hindu.
The Rupee appreciated by 19 paise to close at 89.96 against the U.S. dollar amid weak dollar index support.
India aims to expand its tea exports to China, highlighting diverse varieties like Darjeeling and Masala at a recent buyer-seller meet.
Stock markets rebound after four days of decline as Sensex rises 158 points, driven by tech and IT shares.
India reduces Russian oil imports by 38% in October 2025, marking the sharpest decline in value and volume yet.