Siemens’ board has approved the sale and transfer of low voltage motors and geared motor businesses, including related customer service businesses, to Siemens Large Drives India, an entity wholly owned by Siemens AG, for a consideration of Rs 2,200 crore with effect from October 01, 2023. The transaction is subject to the fulfilment of conditions precedent agreed upon between the parties, including receipt of requisite shareholders and statutory and regulatory approvals, as applicable.
The Board has also decided to consider the distribution of 100% of the sale consideration, reduced by applicable capital gains tax and any other applicable taxes, if any, on the transaction, as a special dividend at the first board meeting after the completion of the proposed transaction.
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