NEW DELHI: German engineering firm Siemens Ltd will incorporate a wholly owned subsidiary in Mumbai to house its energy business, which it is likely to demerge in future. The company in an exchange filing said its Board of Directors (BoD) approved a proposed demerger of its energy business into a separate unit.
“The BoD has approved the immediate incorporation of a wholly owned subsidiary in Mumbai, India (proposed subsidiary), on the basis that the proposed subsidiary may be required if and when the Board decides to implement the aforesaid demerger,” said the company in an exchange filing.
As per the company, certain promoters of the company -- Siemens Aktiengesellschaft, Germany, Siemens International Holding BV and Siemens Energy Holding BV, and also Siemens Energy Aktiengesellschaft, which is the ultimate parent company of Siemens Energy Holding BV.