Mumbai, March 1 (SocialNews.XYZ) Siemens on Monday announced that it has completed the acquisition of electrical equipment manufacturer C&S Electric in India after receiving regulatory approval from the Competition Commission of India in August last year.
As per the agreement, Siemens acquired around 99.22 per cent of the equity share capital of C&S Electric Limited from its promoters for Rs 2,100 crore.
The acquisition comprises the Indian operations of C&S Electric's low-voltage switchgear components and panels, low and medium-voltage power bush bars as well as protection and metering devices businesses.
The acquisition addresses rising demand for low-voltage power distribution in India, the company said in a statement.
Apart from gaining access to the Indian market, the transaction is also aimed at creating an export hub, the statement added.
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.
Siemens focuses on intelligent infrastructure for buildings and distributed energy systems and on automation and digitalisation in the process, discrete and hybrid manufacturing industries.
Source: IANS
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