Siemens Ltd, in a statement, said that it has closed the acquisition of C&S Electric Ltd after receiving the approval of Competition Commission of India on August 20, 2020 and the successful completion of further closing steps.
The acquisition addresses rising demand for low-voltage power distribution in India. Apart from gaining access to the Indian market, the transaction is also aimed at creating an export hub, the statement said.
Siemens has acquired approximately 99.22 per cent of C&S Electric Limited from its promoters for Rs.2,100 crore.
In January 2020, Siemens signed an agreement to acquire New Delhi-based C&S Electric Ltd. 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 had said in a release. (Read more).
Featured photograph shows the busduct factory of C&S Electric in Noida.