Siemens has struck a deal to acquire 99% of C&S Electric Limited to meet growing electrification needs.
The acquisition of the New Delhi-based firm 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.
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.
Cedrik Neike, member of the managing board of Siemens AG and CEO Smart Infrastructure, said: “Safe, intelligent and reliable electrification is the backbone of economic and societal development.
“Joining forces with C&S Electric allows us to bring a more comprehensive portfolio that addresses the needs of a very important market. Siemens is committed to significantly improving access to reliable and efficient power supply in India.
“This latest investment demonstrates our commitment to strengthening our offering in high growth markets in Asia.”
Sunil Mathur, managing director and CEO of Siemens Ltd, added: “The addition of C&S Electric’s products, sales network, manufacturing units and a highly competent employee base will complement and strengthen the range of Siemens’ offering.
“This will bolster our portfolio not only in India, but also for export to competitive international markets in line with our growth strategy.”
C&S Electric was founded in 1966. It has more than 5,000 employees across three main manufacturing locations – Haridwar, Noida and Guwahati – including a research and development center in India.
RN Khanna, founder and chairman, C&S Electric, said: “Having been a leading participant in the Indian switchgear market since 1966, we are now extremely delighted to be part of the Siemens family, an organisation that has pioneered and developed the switchgear market in India and globally for many decades.
“We both support the ‘Make in India’ initiative and our products, people and vision are perfectly synchronized to meet the growing requirements of the Indian and global markets.”