Siemens said on Monday that it had launched C & S Electric Ltd. in India. Has completed the acquisition of. The company had earlier acquired 99.22% of C & S Electric for 992,100 crore from its promoters and also received regulatory approval from the Competition Commission of India in August 2020.
According to a Siemens statement, the acquisition will address the growing demand for low voltage power distribution in India. Apart from gaining access to the domestic market, the transaction was also aimed at creating an export hub.
The statement further stated, “Siemens Ltd. has discontinued the acquisition of C&S Electric Ltd. after the successful completion of CCI and further closing stages.”