Siemens has signed a deal to acquire the EV division of Mumbai-based Mass-Tech Controls.
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 is subject to other adjustments that are mutually agreed between the parties to the transaction.
Closing of the acquisition is subject to fulfillment 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, said, “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.”
“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.
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.
Click Here to get the latest EV news and exclusive updates from EV Mechanica on WhatsApp!