Siemens Indian Subsidiary Buys C&S Electric in for Around EUR267 Million
January 24 2020 - 9:06AM
Dow Jones News
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)
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