Siemens has signed an agreement to acquire New Delhi-based C&S Electric Ltd., a leading provider of electrical and electronic equipment, for ₹2,100 crore.
The move will strengthen Siemens’ position as a key supplier of low-voltage power distribution and electrical installation technology in one of the world’s fastest-growing economies.
Under the agreement, the German giant will acquire approximately 99 per cent of the equity share capital of C&S Electric Ltd for around ₹2,100 crore (€267 million).
Now closing of the acquisition is subject to regulatory approvals.
Siemens envisions the partnership 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 acquisition covers the Indian operations of C&S Electric’s low-voltage switchgear components and panels, low and medium voltage power busbars as well as the protection and metering devices businesses.
Other businesses of the company such as medium voltage switchgear and package sub-station, lighting, diesel generating sets, EPC (Engineering, Procurement and Construction) and the Etacom busbars business will be retained by the owners.
To retain brand name
C&S Electric has more than 50 years of experience in India and will continue to operate under its own brand name for further business.
The combination of the portfolios of the two companies will enhance Siemens’ position in the business, enabling it to better serve customers requiring electrification in areas including construction, industry, data centres, smart campuses and other city infrastructure.
