Siemens to acquire Mass-Tech Controls’ EV division for Rs 38 crore – EQ Mag
Siemens will acquire the Mumbai-based company for ₹38 crore
Siemens Limited has announced that it will acquire the electric vehicle 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 30-300kW capacity DC chargers for EVs. The purchase consideration is ₹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.
“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 of 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,” the company said in a statement.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, “This acquisition will enable Siemens 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 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.
Source: PTI
