Siemens Completes Rs2,100 Cr Acquisition of C&S Electric in India; Basson Appointed as Director

Siemens Ltd has completed the acquisition of approx 99.22 per cent equity shares of C&S Electric Ltd in India from its promoters for an aggregate consideration of Rs 2,100 crore on a cash free / debt free basis.

March 02, 2021. By Manu Tayal

Siemens Ltd has completed the acquisition of approx 99.22 per cent equity shares of C&S Electric Ltd in India from its promoters for an aggregate consideration of Rs 2,100 crore on a cash free / debt free basis.

The move came after company received the approval from Competition Commission of India (CCI) on August 20, last year and the successful completion of further closing steps, the company said in a statement.

With the acquisition, the company aimed to address the rising demand for low-voltage power distribution in the domestic market, along with creating an export hub in the country.

Besides, the company has also appointed Willem Rudolf Basson as Non-Executive Non-Independent Director of the company, effective from March 01, 2021, as Josef Kaeser resigned as Director of the company.

Siemens Ltd focuses on intelligent infrastructure for buildings and distributed energy systems and on automation and digitalization in the process, discrete & hybrid manufacturing industries. The company 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, the company 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. As of September 30, 2020, the company had revenue from continuing operations of Rs 9,581 crore and 9,258 employees.

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