In a step to address the fast-growing demand for electric vehicle (EV) charging infrastructure in India, Siemens Limited, signed an agreement today to acquire the EV division of Mumbai-based Mass-Tech Controls Private Limited. The division is engaged in design, engineering and manufacturing of a wide range of AC chargers, and 30 to 300kW capacity DC chargers for various end applications for EVs. The purchase consideration is Rs. 38 crore on a cash free and debt free basis and subject to other adjustments that are mutually agreed between the parties to the transaction.
Closing of the acquisition is subject to fulfilment of condition precedents as agreed between the parties and receipt of requisite regulatory, statutory and other approvals. Post the acquisition, the EV division of Mass-Tech Controls will be fully integrated into the e-Mobility Business Unit of the Smart Infrastructure Business, Siemens Limited.
While Siemens is active globally in the e-mobility infrastructure space for more than a decade, the addition of products will complete Siemens India's portfolio of e-mobility solutions and will address the needs of the Indian market. The Indian market has unique requirements such as lower power rating and parallel charging.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, "This acquisition will enable Siemens Limited to address the rapidly growing Indian e-mobility market by complementing our global portfolio. The acquisition will help us to accelerate our growth plans in the e-mobility business segment and will expand our portfolio of sustainability solutions for our customers. We welcome colleagues from Mass-Tech Controls Private Limited into the Siemens family."
"The fast-evolving e-mobility infrastructure market in India is important for Siemens due to its high growth potential. The enhanced portfolio will enable Siemens to meet market requirements such as homologation and local value-add with cost-competitive solutions. With this acquisition, we now have a strong platform to address our customers' needs with locally designed and produced products," said Markus Mildner, CEO - eMobility at Siemens Smart Infrastructure.
Subhash Patil, Chairman and Managing Director, Mass-Tech Controls Private Limited, said, "We are extremely delighted with the acquisition of our business by Siemens, one of the most wellrecognized and respected organizations globally. Electric vehicle solutions from Mass-Tech Controls will perfectly complement and strengthen Siemens' own existing portfolio of electric vehicle charging infrastructure solutions, helping provide higher value to customers."
Encouraged by the FAME-II policy of the Government of India and electric vehicle policies notified by various state governments, the electric vehicle market in India is in the midst of a transformation.
Shares of Siemens Limited was last trading in BSE at Rs. 3708.90 as compared to the previous close of Rs. 3832.15. The total number of shares traded during the day was 11313 in over 1760 trades.
The stock hit an intraday high of Rs. 3878.70 and intraday low of 3620.00. The net turnover during the day was Rs. 42840472.00.