Hinduja Tech signs definitive agreement to acquire TECOSIM Group

[CHENNAI, India] – [17th July 2024] – Hinduja Tech Limited (HT), a mobility-focused global engineering R&D services company and a subsidiary of Ashok Leyland, the Indian flagship of the multi-billion dollar conglomerate the Hinduja Group, today announced the signing of a definitive agreement to acquire TECOSIM Group.

This strategic acquisition broadens Hinduja Tech's presence in the European and international markets and solidifies its position as a leading provider of mobility engineering services worldwide. The company gains a strategic foothold in Europe, expanding its geographic reach and gaining access to key customer accounts. With TECOSIM, Hinduja Tech strengthens its global delivery footprint with enhanced capabilities and strengthened regional delivery centersfor European customers with a nearshore delivery offering.

The acquisition significantly enhances Hinduja Tech's capabilities and market reach. The TECOSIM Group, with over 650 employees, brings a wealth of expertise and innovative solutions to the table, solidifying Hinduja Tech's position as a key player in the engineering services sector.

Mr. Kumar Prabhas, CEO of Hinduja Tech Limited, said, "We are delighted to have TECOSIM Group join the Hinduja Tech family. This acquisition aligns with our strategic goal to become a global leader in mobility engineering services. TECOSIM's technological prowess and market presence in Europe will greatly enhance our capabilities, allowing us to better serve our clients with innovative and sustainable solutions. We look forward to working with the team."

Mr. Udo Jankowski, Managing Director of the TECOSIM Group, said, "Joining forces with Hinduja Tech is an exciting milestone for TECOSIM. We are eager to leverage Hinduja Tech's core competencies and industry knowledge to drive growth and deliver unmatched value to our clients. This collaboration will enable us to identify new opportunities and expand our global presence."

The acquisition is anticipated to close in the upcoming months, pending regulatory approvals. After completion, Hinduja Tech and TECOSIM will initiate the integration process to merge their resources and strengths smoothly. The organizations intend to establish a unified brand strategy that embodies their shared vision and dedication to providing superior technical services.

The former acquisition of Drive System Design (DSD) in December 2022 propelled Hinduja Tech to offer best-in-class e-mobility solutions for global markets. Continuing the growth trajectory, with the acquisition of the TECOSIM Group, Hinduja Tech is set to elevate its service offerings by seamlessly integrating TECOSIM's advanced engineering expertise into its existing portfolio. This strategic collaboration will allow us to provide comprehensive, end-to-end solutions, especially in computeraided engineering and simulation. Our customers can look forward to enhanced service efficiency, access to a wider range of innovative engineering solutions, and an overall improved experience. This move not only strengthens our global presence but also reaffirms our commitment to delivering cutting-edge technologies and exceptional service.

This acquisition marks a major milestone for Hinduja Tech, positioning the company to lead the way in sustainable mobility and provide innovative solutions by utilizing its combined resources and expertise.

About HT:

Hinduja Tech, part of the multi-billion dollar Hinduja Group, is the integrated Product Engineering and Digital Technologies Solutions provider for the mobility industry. As a partner of choice, HT works with leading automotive organizations (OEMs & Tier-X Suppliers) and disruptive mobility players in North America, Europe, APAC, and India. Hinduja Group has a presence in over 38 countries and employs about 200,000 people with multiple industry verticals like Mobility, Lubricants & Specialty Chemicals, Banking & Finance, Digital Technology, Energy, Media & Entertainment, Realty, Healthcare, Project Development and Trading.

About TECOSIM Group:

TECOSIM Group, headquartered in Wiesbaden, Germany, is a globally active engineering company renowned for developing technological solutions that promote sustainable transport, safe and clean energy supply, and a competitive industrial landscape. Started as a German engineering company, the TECOSIM Group has now earned an exceptional reputation in Europe, Asia, and the USA through its global expansion and is known for its expertise in simulation, testing, and engineering services, catering to a diverse range of industries including automotive, energy, and industrial sector.

Media Contact:

Sunitha Rajagopalan,

Corporate Communications – Head,

Sunitha.rajagopalan@hindujatech.com

+918754579512.