- Siemens aims to scale up its range of e-mobility solutions in India and complement its global portfolio
- The EV division is engaged in manufacturing AC and DC chargers and its acquisition will cost around Rs 38 crore
- The company aims to address the unique requirements of the Indian market such as lower power rating and parallel charging
Siemens Limited recently announced the acquisition of the EV division of Mumbai-based Mass-Tech Controls Private Limited. The company signed the deal to acquire the division which is engaged in designing, engineering and manufacturing various AC chargers, and 30-300kW capacity DC chargers for various end applications for EVs. As the centre’s FAME-II policy and electric vehicle policies notified by various state governments look forward to an electrified future, the company plans to tap the fast-growing demand for electric vehicle (EV) charging infrastructure in India. The company believes that the acquisition will help in the expansion of its local market presence while enabling the creation of an export hub in the country.
As per the official note, the purchase consideration is Rs. 38 crores on a cash-free and debt-free basis and subject to other mutually agreed adjustments. After the acquisition (which is subject to fulfilment of certain conditions and approvals), the EV division of Mass-Tech Controls will be fully integrated into the e-Mobility Business Unit of the Smart Infrastructure Business, Siemens Limited.
MD & CEO of Siemens Limited, Sunil Mathur remarked, “This acquisition will enable Siemens Limited to address the rapidly growing Indian e-mobility market by complementing our global portfolio. The acquisition will help us to accelerate our growth plans in the e-mobility business segment and will expand our portfolio of sustainability solutions for our customers. We welcome colleagues from Mass-Tech Controls Private Limited into the Siemens family.”
Markus Mildner, CEO – eMobility at Siemens Smart Infrastructure said, “The fast-evolving e-mobility infrastructure market in India is important for Siemens due to its high growth potential. The enhanced portfolio will enable Siemens to meet market requirements such as homologation and local value-add with cost-competitive solutions. With this acquisition, we now have a strong platform to address our customers’ needs with locally designed and produced products.”
Extremely delighted with the acquisition of their business by Siemens, CMD of Mass-Tech Controls Private Limited, Subhash Patil commented, “Electric vehicle solutions from Mass-Tech Controls will perfectly complement and strengthen Siemens’ own existing portfolio of electric vehicle charging infrastructure solutions, helping provide higher value to customers.”
The press release stated that while Siemens is globally active in the e-mobility infrastructure space for over a decade, the addition of products will complete Siemens India’s portfolio of e-mobility solutions. The company aims to address the unique requirements of the Indian market such as lower power rating and parallel charging.
Siemens Limited is a technology company focused on industry, infrastructure, transport as well as transmission and generation of electrical power. Siemens Limited is the flagship listed company of Siemens AG in India.