Siemens has completed the acquisition of C&S Electric after receiving the approval of the Competition Commission of India (CCI) on 20 August 2020.
The company has acquired approximately 99.22 percent equity shares of C&S Electric from its promoters for an aggregate consideration of Rs 2,100 crore on a cash-free/ debt-free basis on terms and conditions that were mutually agreed between the parties to the transaction.
The acquisition addresses rising demand for low-voltage power distribution in India. Apart from gaining access to the Indian market, the transaction is also aimed at creating an export hub.