Siemens to acquire C&S Electric for $294 M
Siemens Ltd. will acquire New Delhi-based C&S Electric Limited, strengthening the position in the low-voltage power distribution and installation technology.
India: In a step to meet the increasing demand for electrification across industry, infrastructure and buildings in India, Siemens Ltd. today signed an agreement to acquire New Delhi-based C&S Electric Limited.
The acquisition of one of the leading providers of electrical and electronic equipment for infrastructure, power generation, transmission and distribution, will strengthen Siemens’ position as a key supplier of low-voltage power distribution and electrical installation technology in one of the world’s fastest-growing economies. Under the agreement, Siemens Ltd. will acquire approximately 99 percent of the equity share capital of C&S Electric Limited for around $294 M (EUR 267 M). Closing of the acquisition is subject to regulatory approvals. In the future, Siemens envisions this partnership to pave the way for the establishment of a design and manufacturing hub in India, supporting the export of electrification solutions to fast-developing markets around the world.
The scope of the acquisition comprises the Indian operations of C&S Electric’s low-voltage switchgear components and panels, low and medium voltage power busbars as well as protection and metering devices businesses. Other businesses of the company such as medium voltage switchgear and package sub-station, lighting, diesel generating sets, EPC (Engineering, Procurement and Construction) and the Etacom busbars business will be retained by the owners.
C&S Electric has more than 50 years of experience in India and will continue to operate under its own brand name. The combination of the portfolios of the two companies will enhance Siemens position in the business, enabling it to better serve customers requiring electrification in areas including construction, industry, data centers, smart campuses and other city infrastructure.
Source: Siemens