Siemens buys out C&S Electric for Rs 2,100Cr
Published: Mar 01, 2021
By TIOLCORPLAWS News Service
NEW DELHI, MAR 01, 2021: SIEMENS said on Monday it has acquired approximately 99.22 per cent stake of C&S Electric Limited from its promoters for Rs. 2,100 crore.
Siemens Limited, the flagship listed company of Germany-based Siemens AG in India, said the the acquisition will enable it to address the competitive low-voltage power distribution market in India while creating a manufacturing hub to source low-voltage products for export.
"Apart from gaining access to the Indian market, the transaction is also aimed at creating an export hub," it said.
C&S Electric is a leading manufacturer and exporter of electrical and electronic equipment in India, including low-voltage switchgear and power busbars as well as protection and metering devices.
Siemens had received regulatory approval from the Competition Commission of India on August 20, 2020.
Siemens India focuses on intelligent infrastructure for buildings and distributed energy systems and on automation and digitalisation in the process, discrete and hybrid manufacturing industries.