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Siemens to acquire C&S Electric for Rs 2,100 cr
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SME Times News Bureau | 24 Jan, 2020
Siemens Ltd on Friday signed an agreement to acquire New Delhi-based C&S Electric Ltd for around Rs 2,100 crore.
Under the agreement, Siemens Ltd will acquire around 99 percent of the equity share capital of C&S Electric.
"The
acquisition of one of the leading providers of electrical and
electronic equipment for infrastructure, power generation, transmission
and distribution, will strengthen Siemens' position as a key supplier of
low-voltage power distribution and electrical installation technology
in one of the world's fastest-growing economies," Siemens said in a
statement.
The scope of the acquisition comprises the Indian
operations of C&S Electric's low-voltage switchgear components and
panels, low and medium voltage power busbars as well as protection and
metering devices businesses. Other businesses of the company such as
medium voltage switchgear and package sub-station, lighting, diesel
generating sets, EPC (Engineering, Procurement and Construction) and the
Etacom busbars business will be retained by the owners, it said.
Post the acquisition, C&S Electric will continue to operate under its own brand name.
Sunil
Mathur, Managing Director and Chief Executive Officer, Siemens Ltd
said: "The addition of C&S Electric's products, sales network,
manufacturing units and a highly competent employee base will complement
and strengthen the range of Siemens' offering. This will bolster our
portfolio not only in India, but also for export to competitive
international markets in line with our growth strategy."
C&S
Electric was founded in 1966 and has more than 5,000 employees across
three main manufacturing locations -- Haridwar, Noida and Guwahati --
including a research and development centre in India.
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