Siemens Limited has closed the acquisition of C&S Electric Limited after receiving the approval of Competition Commission of India on August 20, 2020 and the successful completion of further closing steps.
- Acquisition addresses 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.
- Regulatory approval from the Competition Commission of India was received in August 2020.
- Siemens has acquired 99.22% (approximately) of C&S Electric Limited from its promoters for Rs. 2,100 crore.
About Siemens Limited:
Siemens Limited focuses on intelligent infrastructure for buildings and distributed energy systems and on automation and digitalization in the process, discrete & hybrid manufacturing industries. The Company brings together the digital and physical worlds to benefit customers and society. It offers broad expertise across the entire energy value chain, along with a comprehensive portfolio for utilities, independent power producers, transmission system operators, the oil and gas industry, and other energy-intensive industries. With its products, solutions, systems, and services, it addresses the needs of energy transition, including storage and sector-coupling solutions.
It is also a supplier and service provider of intelligent mobility solutions for rail, road and inter-modal transport for passenger and freight services. Siemens Limited is the flagship listed company of Siemens AG in India. As of September 30, 2020, Siemens Limited had Revenue from continuing operations of INR 9,581 crore and 9,258 employees. Further information is available on the Internet at www.siemens.co.in.
Source: Siemens-Press Release | Image Credit: Siemens