PE Firm Creador To Acquire 19.6% Stake In Ashok Leyland Unit for $50 Mln

Hinduja Tech Ltd., a subsidiary of Ashok Leyland Ltd., said private equity firm Creador will acquire a 19.6% stake in the company for $50 million.

The capital infusion will allow the mobility-focused global engineering research and development services company to augment its existing capabilities through organic and inorganic means, enhance its global footprint and expand its labs, Hinduja Tech said in a statement.

The investment places, Hinduja Tech at a post-money equity value of $255 million, it added.

“We have an ambitious growth plan in the sustainable engineering mobility segment,” said Hinduja Tech Chief Executive Officer Kumar Prabhas. “We are very pleased to partner with Creador, [as] their investment will allow Hinduja Tech to accelerate its global growth plans.”

Hinduja Tech works with leading automotive organizations (OEMs and Tier-X suppliers) and mobility players in the North America, Europe, APAC and India, according to the statement.

The deal is subject to completion of customary closing conditions.

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