Siemens has received an approval for sale and transfer of the Metals Technologies Business excluding service portion of electrics & automation business (MT Business) of the company to Siemens Postal and Parcel Logistics Technologies, a 100% subsidiary of Siemens AG, Germany with effect from the close of business hours on September 30, 2014. The board of directors at its meeting held on August 07, 2014 has approved for the same.
Further, the board delegated the matter of determination of consideration for the aforementioned transaction to a Committee of Directors, and authorized the Committee to do all things and to take all necessary actions/steps that may be required for the said transaction. The aforesaid Committee of the Board of Directors at its Meeting held on August 08, 2014, determined the consideration for the sale and transfer of the MT Business at Rs 857.20 crore.
The proposed sale and transfer of the MT Business of the company is subject to the approval of the shareholders, by way of a Postal Ballot (wherein Siemens AG, Germany and its subsidiary Siemens VAI Metals Technologies GmbH shall not vote on the Resolution) and all other requisite approvals from statutory and regulatory authorities.
