- The company has finalized a formerly announced acquisition of C&S Electric for a transaction deal of USD 285 million
- The acquisition is expected to bolster Siemens’ portfolio not only in India but in international markets as well
Europe’s leading industrial manufacturing conglomerate- Siemens has recently announced taking over Indian grid technology producer- C&S Electric under a whopping transaction deal of USD 285 million. The company made a purchase of approximately 99.22% of the grid technology company post the declaration of receiving a regulatory approval from the Competition Commission of India in August last year.
As per official reports, the industrial manufacturing giant had, in January this year, announced acquisition of C&S’s Busbar and Low Voltage Switchgear business. Through this deal, the firm aims to develop an export hub while gaining an entry to the Indian market.
Moreover, with the sale, former owners and founders of C&S Electric aim to concentrate their retained businesses which mainly consist of medium voltage switchgear solutions, lighting solutions, and DG Sets. Besides, the company is also planning to make use of the earnings from the sale of expanding this business.
It has been reported that during the completion of the transaction, C&S’s scope of business comprise of manufacturing of low voltage switchgear components and panels, protection and metering devices, and low and medium voltage power busbars.
Commenting on the latest acquisition, MD and CEO of Siemens, Sunil Mathur cited that the addition of C&S Electric’s sales network, solutions and products, manufacturing units, and a highly competent employee base would complement and also further strengthen the expansive range of Siemens’ offering. He added that this transaction deal would bolster its portfolio not only in India, but also for export to competent international markets in line with the company’s growth strategy.