Siemens completes the acquisition of C&S Electric in India
Siemens Ltd on Monday said it has completed the acquisition of 99.22 per cent equity shares in C&S Electric Ltd from the company’s promoters for Rs 2,100 crore.
The Competition Commission of India (CCI) had given its approval for the deal on August 20, 2020, Siemens Ltd said in a BSE filing.
According to the company, it has “acquired 99.22 per cent (approximately) equity shares of C&S Electric Ltd (‘C&S’) from its promoters, for an aggregate consideration of INR 21,000,000,000 (twenty-one thousand million) on a cash-free/ debt-free basis.”
Siemens Ltd is the flagship listed company of Siemens AG in India.
It offers expertise across the entire energy value chain along with a comprehensive portfolio for utilities, independent power producers, transmission system operators, oil and gas industry, and other energy-intensive industries.