Siemens Indian Subsidiary Buys C&S Electric in for Around EUR267 Million

Date : 01/24/2020 @ 2:06PM
Source : Dow Jones News
Stock : Siemens AG (PK) (SIEGY)
Quote : 51.39  -0.89 (-1.70%) @ 9:00PM

Siemens Indian Subsidiary Buys C&S Electric in for Around EUR267 Million

Siemens (PK) (USOTC:SIEGY)
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   By Mauro Orru 
 

Siemens AG (SIE.XE) said on Friday that it has signed an agreement through its local subsidiary Siemens Ltd. (500550.BY) to acquire New Delhi-based C&S Electric Ltd.

The German engineering conglomerate said it would acquire approximately 99% of C&S Electric Limited for roughly 267 million euros ($295.6 million).

"The addition of C&S Electric's products, sales network, manufacturing units and a highly competent employee base will complement and strengthen the range of Siemens' offering," said Sunil Mathur, managing director and chief executive at Siemens Ltd..

Siemens added that C&S Electric has more than 5,000 employees.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

January 24, 2020 08:51 ET (13:51 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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