Hinduja Tech Acquires Tecosim Group for 21 Million Euros

Hinduja Tech Ltd, a subsidiary of Ashok Leyland, has agreed to acquire Germany-based Tecosim Group for 21 million euros. This move is aimed at expanding Hinduja Tech's global footprint and enhancing its capabilities in mobility engineering services. The acquisition is expected to close pending regulatory approvals.

Hinduja Tech Ltd, a subsidiary of the well-known commercial vehicle manufacturer Ashok Leyland, has announced its definitive agreement to acquire Germany-based Tecosim Group for 21 million euros, roughly equivalent to Rs 190 crore.

This strategic acquisition effectively broadens Hinduja Tech's scope in both European and international markets, fortifying its position as a leading provider of mobility engineering services worldwide, according to a company statement.

Ashok Leyland disclosed in a regulatory filing that the transaction, valued at 21 million euros, was executed based on the enterprise value. Based in Wiesbaden, Germany, Tecosim Group specializes in developing technological solutions that promote sustainable transport, safe and clean energy supply, and a competitive industrial landscape. The group reported a turnover of 40 million euros in 2023 and employs a workforce of 650.

Kumar Prabhas, CEO of Hinduja Tech, emphasized that the acquisition aligns perfectly with their strategic goal to emerge as a global leader in mobility engineering services. He noted that the technological strength and market presence of TECOSIM in Europe would significantly boost their capabilities, allowing them to offer innovative and sustainable solutions to clients worldwide.

Tecosim Group's Managing Director, Udo Jankowski, echoed similar sentiments, stating that the collaboration would open new opportunities and expand their global footprint. Hinduja Tech anticipated that the acquisition would close in the coming months, pending regulatory approvals. Post-completion, the companies plan to merge their resources smoothly and establish a unified brand strategy reflecting their joint vision for delivering superior technical services.

(With inputs from agencies.)