NEW DELHI (India): Siemens Ltd. the flagship company of Siemens AG in India on Monday announced that it has acquired around 99.22% of the equity share in electrical equipment manufacturer C&S Electric in India from its promoters for INR 2,100 crore. In August, Siemens has received regulatory approval from the Competition Commission of India (CCI).
The acquisition will empower Siemens to address the competitive infrastructure low-voltage market in India, While creating a manufacturing hub to source low-voltage products for export to competitive markets globally.
Certain other businesses such as engineering, procurement, and construction shall be retained by the existing promoters of C&S Electric, which has five operational renewable energy (four wind and one solar power) projects with a combined capacity of 174 MW.
Siemens India focuses on power generation and distribution, intelligent infrastructure for buildings and distributed energy systems, and automation and digitalization in the process and manufacturing industries.
It also provides smart mobility solutions for rail, road transport and infrastructure solutions for Smart Cities.
C&S produces a range of electrical switchgear, power protection, and electrical distribution products.
It also has an electrical contracting business that performs turnkey solutions for industrial and commercial electrification, substations, and power plants. Besides, C&S is engaged in the design and execution of grid-connected renewable power plants.
C&S Electric owns five operational RE (four wind and one solar power) projects with a combined capacity of 174 MW. The 18 MW Ramnathapuram project in Tamil Nadu is the company’s first venture into solar power. It was undertaken through Crescent Power Limited, a CESC subsidiary, and was commissioned in January 2016.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Ltd., said: “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. This will bolster our portfolio not only in India, but also for export to competitive international markets in line with our growth strategy.”
R. N. Khanna, Founder and Chairman, C&S Electric, said: “Having been a leading participant in the Indian switchgear market since 1966, we are now extremely delighted to be part of the Siemens family, an organization that has pioneered and developed the switchgear market in India and globally for many decades. We both support the ‘Make in India’ initiative and our products, people and vision are perfectly synchronized to meet the growing requirements of the Indian and global markets.”
C&S Electric was founded in 1966. It has more than 5,000 employees across three main manufacturing locations – Haridwar, Noida and Guwahati – including a research and development center in India.
