Siemens completes acquisition of C&S Electric
Siemens has completed its acquisition of C&S Electric in India. The company has acquired 99.22% of C&S Electric from its promoters for Rs 2,100 crore. Last year, on August 20, the company had received the approval of Competition Commission of India.
“The Company has acquired 99.22% (approximately) equity shares of C&S Electric Limited from its promoters, for an aggregate consideration of Rs 2,100 crore on a cash free / debt free basis on terms and conditions that are mutually agreed between the parties to the transaction,” Siemens Ltd said in a BSE filing.
It adds, “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.”