Mumbai: Siemens Ltd on Friday signed an agreement to acquire New Delhi-based C&S Electric Ltd for around Rs 2,100 crore.
Under the agreement, Siemens Ltd will acquire around 99 percent of the equity share capital of C&S Electric.
"The acquisition of one of the leading providers of electrical and electronic equipment for infrastructure, power generation, transmission and distribution, will strengthen Siemens' position as a key supplier of low-voltage power distribution and electrical installation technology in one of the world's fastest-growing economies," Siemens said in a statement.
The scope of the acquisition comprises the Indian operations of C&S Electric's low-voltage switchgear components and panels, low and medium voltage power busbars as well as protection and metering devices businesses. Other businesses of the company such as medium voltage switchgear and package sub-station, lighting, diesel generating sets, EPC (Engineering, Procurement and Construction) and the Etacom busbars business will be retained by the owners, it said.
Post the acquisition, C&S Electric will continue to operate under its own brand name.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Ltd said: "The addition of C&S Electric's products, sales network, manufacturing units and a highly competent employee base will complement and strengthen the range of Siemens' offering. This will bolster our portfolio not only in India, but also for export to competitive international markets in line with our growth strategy."
C&S Electric was founded in 1966 and has more than 5,000 employees across three main manufacturing locations -- Haridwar, Noida and Guwahati -- including a research and development centre in India.