Siemens has entered into definitive agreements for the acquisition of Electric Vehicle (EV) division of Mass-Tech Controls. The division is engaged in design, engineering and manufacturing of a wide range of AC chargers, and 30 to 300kW capacity DC chargers for various end applications for EVs. The purchase consideration is Rs 38 crore on a cash free and debt free basis and subject to other adjustments that are mutually agreed between the parties to the transaction.
With the acquisition, the company can address fast-growing demand for EV charging infrastructure in India, expand local market presence & enable creation of export hub. Scale up company’s range of e-mobility solutions, complementing Siemens global portfolio.
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.
