Siemens’ Board of Directors of the Company at its meeting held on August 02, 2013 has approved the sale and transfer of the 'Postal and Parcel Logistics Technologies and Airport Logistics Technologies businesses of the Company to 'Siemens Airport Logistics Technologies', Mumbai, a new 100% subsidiary of Siemens AG, Germany, with effect from the close of business hours of September 30, 2013 for a consideration of approximately Rs. 1,228 Million, to be suitably adjusted for the change in net assets subsequent to March 31, 2013 upto the date of transfer. The proposed sale and transfer of these businesses is subject to the approval of the Members by postal ballot, which would be carried out shortly.
The Siemens Group in India has emerged as a leading inventor, innovator and implementer of leading-edge technology enabled solutions operating in the core business segments of Industry, Energy and Healthcare.
