Siemens has received an approval to sell and transfer of its Mechanical Drives (MD) business for a consideration of Rs 4,400 million (Rs 440 crore) to its AG's arm Flender Drives. The sale and transfer of the business is on a going concern and slump sale basis, with effect from January 1, 2021. The Board of Directors of the company (based on the recommendations of the Committee of Directors and the Audit Committee) at its meeting held August 26, 2020 has approved the same.
Siemens is a technology powerhouse that has stood for engineering excellence, innovation, quality and reliability. The company focuses on the areas of electrification, automation and digitalization.
