Siemens has received approval to sell and transfer its Large Drives Applications (LDA) business to Siemens Large Drives India (a subsidiary of Siemens Large Drives GmbH, which in turn is a subsidiary of Siemens AG) with effect from July 1, 2022 and is subject to receipt of requisite statutory and regulatory approvals, as applicable.
The LDA business within Siemens recorded a revenue from operations of Rs 443.70 crore for FY2021 and an operating profit of Rs 25.10 crore. As of FY 2021, the LDA business contributed 3.4% and 2.0%, respectively, to the total Revenue from Operations and Profit from Operations of Siemens.
Following a valuation done by an external independent valuer, the LDA business was approved for sale and transfer by the Board of Directors, for a consideration of Rs 440 crore.
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.
