The company has completed the acquisition of 99.22% equity shares of C&S Electric from its promoters for ₹21 billion (~$285.27 million), Siemens said.
Siemens India focuses on distributed energy systems, power generation and distribution, infrastructure for buildings, and automation and digitalization of manufacturing industries.
C&S Electric produces a range of electrical products like switchgear, power protection, and electrical distribution products. The company is also engaged in developing grid-connected solar power projects.
With this acquisition, the company aims to gain access to the Indian market and develop an export hub for supplying low-voltage products to global markets. Siemens envisions the acquisition 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.
The Competition Commission of India approved the acquisition in August 2020. The company signed an agreement to acquire C&S Electric in January 2020 to strengthen its position as one of the leading suppliers of low-voltage power distribution and electrical installation technology.
The acquisition includes low-voltage switchgear components and panels, low voltage and minimum voltage busbars, and protection and metering devices businesses of C&S Electric.
The existing promoters of C&S Electric will retain other company businesses, including medium voltage switchgear and package substation, diesel generating sets, lighting, Etacom busbars, and engineering, procurement, and construction business.
In January 2021, Ola, one of India’s leading mobility platforms, partnered with Siemens to build its upcoming electric vehicle manufacturing facility. The announcement came on the heels of Ola’s memorandum of understanding with the Tamil Nadu government to invest nearly ₹24 billion (~$329 million) towards building this facility.
Mercom had earlier reported that Siemens announced the acquisition of the string inverter business of the KACO new energy GmbH, a manufacturer of energy-related power electronics, for an undisclosed sum. The project development and EPC activities were not part of the acquisition. The transaction was expected to be completed in the first half of 2019, subject to regulatory approval.