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Siemens to acquire C&S Electric in India
- 4 years ago (2020-01-27)
- David Flin
To help meet increasing demand for electrification in India, Siemens Ltd (India) has signed an agreement to acquire New Delhi-based C&S Electric Limited . 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.
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Under the agreement, Siemens will acquire approximately 99 per cent of the equity share capital of C&S Electric for around €267 million. Closing of the acquisition is subject to regulatory approvals. The scope of the acquisition comprises the Indian operations of C&S Electric’s low-voltage switchgear components and panels, low and medium voltage busbars, as well as protection and metering devices businesses. Other businesses of the company, such as diesel generating sets and EPC, will be retained by C&S Electric. Closing of the acquisition is subject to regulatory approvals.
In the future, Siemens envisages this partnership to pave the way for the establishment of a design and manufacturing hub in India, supporting the export of electrification solutions to fast-developing markets around the world.