New Delhi, India (Urban Transport News): Siemens Ltd, the flagship listed company of Siemens AG in India, on Monday announced that it has acquired a total of 99.22 percent stake of Indian firm C&S Electric Ltd from its promoters for Rs 2,100 crore.
The acquisition will address the rising demand for low-voltage power distribution in India. "Apart from gaining access to the Indian market, the transaction is also aimed at creating an export hub," Siemens said in a statement.
In August last year, Siemens has received regulatory approval from the Competition Commission of India (CCI).
It added that the regulatory approval from the Competition Commission of India (CCI) was received in August last year. "Siemens Ltd has closed the acquisition of C&S Electric Ltd after receiving the approval of CCI on August 20, 2020, and successful completion of further closing steps," he said.
C&S Electric Ltd is a leading manufacturer of electrical and electronic equipment. It is India's largest exporter of industrial switchgear and power busbar products. The company's products are used in applications ranging from power generation, transmission and distribution, protection and final consumption.
At the time of closing of the deal, the scope of business of C&S Electric Ltd includes manufacturing of low-voltage (LV) switchgear components and panels, LV and medium voltage (MV) power busbars as well as protection and metering devices of C&S. However, the other businesses of C&S, such as MV switchgear and package sub-station, lighting, diesel generating sets, engineering, procurement and construction business and the “Etacom” busbars business will be retained by the existing promoters of C&S.
Siemens Ltd had revenue from continuing operations of Rs 9,581 crore and 9,258 employees as of September 30, 2020.
Siemens India focuses on the areas of power generation and distribution, intelligent infrastructure for buildings and distributed energy systems, automation and digitalization in the process and manufacturing industries. It also supplies smart mobility solutions for rail and road transport and infrastructure solutions for Smart Cities.