New Delhi | HCL Technologies has signed a definitive agreement to acquire 100 per cent stake in ASAP Group, a German automotive engineering services provider, for EUR 251.1 million (about Rs 2,300 crore), according to a BSE filing.

The acquisition is likely to be completed by September 2023 through an all-cash deal via the company's UK subsidiary, subject to regulatory approvals, the filing said.

HCLTech aims to expand its capabilities in the automotive engineering services segment, particularly in e-mobility, autonomous driving and connectivity in Europe, Germany and other global markets, it stated.

“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,” Corporate Vice President, Engineering and R&D Services at HCLTech, Hari Sadarahalli said.

Headquartered at Ingolstadt, ASAP Group was founded in 2010 and services top automotive original equipment manufacturers (OEM) and tier-1 suppliers in Germany, alongside companies in software, consulting, electrics/electronics, service testing and validation and vehicle development.