Gurgaon-based component and engineering solutions provider, Hi-Tech Gears has announced that it has acquired Ontario-based start up Neo-Tech, which will now become a wholly owned subsidiary.
According to the company, this move will provide allied support and assist in strengthening Hi-Tech Gears' internal capabilities, automation and robotic assistance, engaging with other institutions for research and logistic among others.
The objective of the acquisition is to be part of a Global Value Chain (GBV) with the company looking to expand its footprint in an important and essential geography.
Industry 4.0 and automation expertise
Hi-Tech Gears will be looking to leverage Neo-Tech Smart Solutions’ expertise in Industry 4.0. To assist enterprises to upgrade their manufacturing and transform their facilities into future factories, the Ontario-based start-up has a wide range of automation services from basic assembly aids to fully autonomous robotic plants. According to the company, its smart solutions improve operations efficiency, productivity, product quality, speed to market, agility, workplace safety and environmental sustainability. Its capabilities include design (mechanical, electrical, pneumatic and logic), fabrication, machining, assembly and integration and programming.
Hi-Tech Gears bought 100 percent stake in the Canadian start-up for around CAD $250,000 (Rs 1.40 crore) and has said that it may further from time to time look at making investment in the capital of Neo-Tech.
Interestingly, through the company's automotive technology division Hi-Tech Robotic Systemz (THRSL), it has already developed ADAS systems for the domestic market, and is collaborating with seven automakers in the country for developing multiple ADAS products integrated into mass-market vehicles and set for introduction in the next few years.
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