New Delhi, Oct 30 (PTI) ASM Technologies Ltd (ATL), a global engineering and product R&D company, on Friday said it has acquired Semcon's offshore delivery centre in India for an undisclosed amount.

BSE-listed ASM has over two decades expertise in the semiconductor, hi-tech, automotive and medical industries, while Swedish firm Semcon works with a large number of clients in the automotive industry, energy and life science sectors.

Also Read | OnePlus 8T Cyberpunk 2077 Limited Edition Launch Set for November 2, 2020.

"With the acquisition, ASM Technologies will benefit from a combined talent pool with domain expertise in diverse industry verticals," a regulatory filing said.

In particular, ASM will build both scale and competence, relevant to the automotive industry as it transitions to new propulsion systems and ever-increasing levels of driver assistance and autonomy, it added.

Also Read | Cyberpunk 2077 Developers Receive Death Threats Over Launch Delay: Report.

ASM and Semcon have also entered into a Global Cooperation Agreement to provide Semcon continued access to India's scale and capability base for engineering services.

Pursuant to the agreement, ASM will also deliver services to the Scandinavian market leveraging Semcon's customer-facing team, the filing said.

Both the companies will collaborate to scale by reciprocal access to a combined talent pool and strong capabilities in key areas such as Product Design and R&D, Embedded and Electronics, Value Engineering, Digital Engineering and Manufacturing Engineering, it added.

"The acquisition further strengthens our proposition for our clients while providing us with the additional scale and growth. We want to take this opportunity to welcome Semcon India employees into our fold and support us in our growth," ASM Technologies Ltd Managing Director Rabindra Srikantan said.

The global agreement is a win-win deal since both the companies complement each other well in terms of respective capabilities and market leadership, he added.

"Our activities in India need to be scaled up in order to ensure delivery capacity and long-term profitability. We have reviewed different options to strengthen the operations in India. Instead of doing so organically, we have chosen to divest the operations to ASM Technologies, which already has a strong presence in India," Semcon President and CEO Markus Granlund said.

He added that the strategic cooperation agreement enhances value for its customers while allowing it to create the conditions to focus on other prioritised growth areas.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)