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Siemens okays selling mechanical drives business to Flender Drives

Thursday, 27 Aug 2020
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The Siemens’ Board of Directors has approved to sell the company's mechanical drives (MD) business to Flender Drives, a subsidiary of Flender, which in turn is a subsidiary of Siemens AG.

The sale has been approved for a consideration of Rs 440 crore.

The transaction is on a slump sale basis, with effect from January 2021, subject to receipt of requisite statutory approvals.

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