Siemens: acquisition in India in e-mobility
(CercleFinance.com) - To meet the growing demand for electric vehicle (EV) charging infrastructure in India, Siemens Limited today signed an agreement to acquire the EV division of Mumbai-based Mass-Tech Controls Private Limited.
The division specialises in the design, engineering and manufacture of a wide range of AC chargers and DC chargers with capacities ranging from 30kW to 300kW for various end-use applications for electric vehicles.
The acquisition cost approximately E4.3m on a non-cash and debt-free basis and subject to further adjustments mutually agreed between the parties.
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