Siemens may merge SVAI and Morgan with itself

25 Oct 2011 Evaluate

Siemens is considering the proposal of amalgamation of Siemens VAI Metals Technologies, Kolkata (SVAI) and Morgan Construction Company India (Morgan), Mumbai with itself. Morgan is a 100% subsidiary of SVAI. The board may consider, discuss and transact the business at its forthcoming meeting on October 29, 2011.

Recently, Siemens’ Power Transmission division, part of the Energy Sector, had reached an important milestone with the delivery of 100th Gas Insulated Switchgear (GIS) from its state-of-the-art factory at Aurangabad, Maharashtra. The GIS was handed over to Gujarat Energy Transmission Corporation (GETCO).

Siemens’ net profit for the quarter declined by 0.86% at Rs 154.78 crore whereas the same was at Rs 156.12 crore for the quarter ended June 30, 2010. Its total Income registered growth of 24.59% at Rs 2798.87 crore for the quarter under review whereas the same was at Rs 2246.40 crore for the corresponding quarter of the previous year.

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