MUMBAI: Siemens Ltd, the flagship listed company of Siemens AG in India, said on Monday it has acquired 99.22 per cent stake of C&S Electric Ltd from its promoters for Rs 2,100 crore.
The acquisition will address 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," Siemens said in a statement.
It added that the regulatory approval from Competition Commission of India (CCI) was received in August last year. "Siemens Ltd has closed the acquisition of C&S Electric Ltd after receiving the approval of CCI on August 20, 2020 and successful completion of further closing steps," he said.
C&S Electric Ltd is a leading manufacturer of electrical and electronic equipment. It is India's largest exporter of industrial switchgear and power busbar products. The company's products are used in applications ranging from power generation, transmission and distribution, protection and final consumption.
Siemens Ltd had revenue from continuing operations of Rs 9,581 crore and 9,258 employees as of September 30, 2020.