In a step to meet the increasing demand for electrification across industry, infrastructure and buildings in India, Siemens has signed an agreement to acquire New Delhi-based C&S Electric Limited.
Under the agreement, Siemens Ltd. will acquire approximately 99 per cent of the equity share capital of C&S Electric Limited for around Rs. 2,100 crore (approximately EUR 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 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 and the Etacom busbars business will be retained by the owners.
Commenting on the acquisition, 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. It has more than 5,000 employees across three main manufacturing locations – Haridwar, Noida and Guwahati – including a research and development center in India.