Speaking on the agreement, Warren Harris, Chief Executive Officer of Tata Technologies, said: "Tata Technologies is always looking to evolve, innovate and ultimately grow our value proposition with our most important customers. Our new colleagues in Europe are some of the world's finest engineers and we are united by a shared vision to bring better products to the market for our customers and for the millions of people around the world who benefit from them."

"The acquisition of Escenda is another boost to our international footprint as well as our capabilities in the automotive sector, where we already support a range of global OEMs. The deal showcases Tata Technologies' ability, confidence and commitment to continue to grow and enhance our international operations."            

Stefan Wedin, Chief Executive Officer of Escenda Engineering AB, said: "We are delighted to become a part of the Tata Technologies' family and support their ambitious growth strategy in Europe. We look forward to working together and supporting pioneering projects through our combined deep industry knowledge and innovative approaches to product development."

The acquisition is an essential component in Tata Technologies' European growth strategy and follows the recent $26 million (USD) investment in the development of a new European headquarters in the UK.

Escenda Engineering's revenue has grown by approximately 230 percent across the last four years. In 2016, Escenda Engineering was awarded the Volvo Quality Excellence Award, an annual accolade given to partners who fulfilled and met the highest standards and demands of Volvo Cars.

END