Private equity firm Creador has signed a definitive agreement to pick up 19.6% stake in Ashok Leyland’s subsidiary Hinduja Tech Ltd. (HT) for $50 million.
This investment places HT at a post-money equity value of $255 million. The fresh investment will allow HT to accelerate its global growth plans, the mobility-focused global engineering R&D services company said in a statement.
The infusion of capital will allow HT to augment its existing capabilities in R&D through organic and inorganic means, enhance global footprint, and expand its labs to emerge as a global leader in sustainable engineering mobility services.
HT has been making significant strides in the mobility industry, by expanding its capabilities and partnerships to drive innovation and growth. The company has also collaborated with numerous players in mobility space, to support their development and production efforts across various segments, from traditional buses and sports cars to electric and autonomous vehicles.
“HT has developed tremendous domain expertise over the last 10 years with a number of Global OEMs as its customers. We have an ambitious growth plan in the sustainable engineering mobility segment,” said Hinduja Tech CEO Kumar Prabhas.
‘The capital will empower us to pursue exciting new opportunities that will help further our position towards achieving our vision of being a global leader in the sustainable mobility engineering landscape,” he said.
“With its deep capabilities across engineering, powertrain and electronics, we believe HT is well poised towards creating sustainable and profitable solutions for the future of mobility,” said Creador’s Director Anish Kedia.
In FY23, Hinduja Tech had acquired Drive System Design, a U.K. & U.S.-based company specialising in e-powertrain design.
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