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Siemens to acquire C&S Electric in India to meet growing electrification needs
Acquisition to address rising demand for low-voltage power distribution in India
Siemens to acquire 99% of C&S Electric Limited
Transaction strengthens local market presence, enables creation of export hub
Closing subject to regulatory approvals
In a step to meet the increasing demand for electrification across industry, infrastructure and buildings in India, Siemens Ltd. (India) today signed an agreement to acquire New Delhi-based C&S Electric Limited. 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. Under the agreement, Siemens Ltd. will acquire approximately 99 percent of the equity share capital of C&S Electric Limited for around EUR 267 million (INR 21 billion). Closing of the acquisition is subject to regulatory approvals. In the future, Siemens envisions this partnership to pave the way for the establishment of a design and manufacturing hub in India, supporting the export of electrification solutions to fast-developing markets around the world. Siemens Ltd. is the local, publicly-listed entity of Siemens AG.
Acquisition to address rising demand for low-voltage power distribution in India
Siemens to acquire 99% of C&S Electric Limited
Transaction strengthens local market presence, enables creation of export hub
Closing subject to regulatory approvals
In a step to meet the increasing demand for electrification across industry, infrastructure and buildings in India, Siemens Ltd. (India) today signed an agreement to acquire New Delhi-based C&S Electric Limited. 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. Under the agreement, Siemens Ltd. will acquire approximately 99 percent of the equity share capital of C&S Electric Limited for around EUR 267 million (INR 21 billion). Closing of the acquisition is subject to regulatory approvals. In the future, Siemens envisions this partnership to pave the way for the establishment of a design and manufacturing hub in India, supporting the export of electrification solutions to fast-developing markets around the world. Siemens Ltd. is the local, publicly-listed entity of Siemens AG.
From left to right, Mr.
Anuj Khanna, Managing Director, C&S Electric, Mr. Aditya Khanna, Managing
Director, C&S Electric, Mr. Rishi Khanna, Managing Director, C&S
Electric, Mr. Andreas Matthé, Chief Executive Officer, Low Voltage Products,
Siemens AG, Mr. Sunil Mathur, Chief Executive Officer, Siemens India and Dr.
Daniel Spindler, Chief Financial Officer, Siemens India
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 Eta-com busbars business will be retained by the owners.
C&S Electric has more than 50 years of experience in India and will continue to operate under its own brand name. The combination of the portfolios of the two companies will enhance Siemens position in the business, enabling it to better serve customers requiring electrification in areas including construction, industry, data centers, smart campuses and other city infrastructure.
Commenting on the acquisition, Cedrik Neike, Member of the Managing Board of Siemens AG and CEO of Siemens Smart Infrastructure, said: “Safe, intelligent and reliable electrification is the backbone of economic and societal development. Joining forces with C&S Electric allows us to bring a more comprehensive portfolio that addresses the needs of a very important market. Siemens is committed to significantly improving access to reliable and efficient power supply in India. This latest investment demonstrates our commitment to strengthening our offering in high growth markets in Asia.”
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.”
R. N. Khanna, Founder and Chairman, C&S Electric, said: “Having been a leading participant in the Indian switchgear market since 1966, we are now extremely delighted to be part of the Siemens family, an organization that has pioneered and developed the switchgear market in India and globally for many decades. We both support the ‘Make in India’ initiative and our products, people and vision are perfectly synchronized to meet the growing requirements of the Indian and global markets.”
C&S Electric was founded in 1966. It has more than 5,000 employees across three main manufacturing locations – Haridwar, Noida and Guwahati - including a research and development center in India.
Siemens Smart Infrastructure (SI) is shaping the market for intelligent, adaptive infrastructure for today and the future. It addresses the pressing challenges of urbanization and climate change by connecting energy systems, buildings and industries. SI provides customers with a comprehensive end-to-end portfolio from a single source – with products, systems, solutions and services from the point of power generation all the way to consumption. With an increasingly digitalized ecosystem, it helps customers thrive and communities progress while contributing toward protecting the planet. SI creates environments that care. Siemens Smart Infrastructure has its global headquarters in Zug, Switzerland, and has around 72,000 employees worldwide.
Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for more than 170 years. The company is active around the globe, focusing on the areas of power generation and distribution, intelligent infrastructure for buildings and distributed energy systems, and automation and digitalization in the process and manufacturing industries. Through the separately managed company Siemens Mobility, a leading supplier of smart mobility solutions for rail and road transport, Siemens is shaping the world market for passenger and freight services. Due to its majority stakes in the publicly listed companies Siemens Healthineers AG and Siemens Gamesa Renewable Energy, Siemens is also a world-leading supplier of medical technology and digital healthcare services as well as environmentally friendly solutions for onshore and offshore wind power generation. In fiscal 2019, which ended on September 30, 2019, Siemens generated revenue of €86.8 billion and net income of €5.6 billion. At the end of September 2019, the company had around 385,000 employees worldwide. Further information is available on the Internet at
www.siemens.com.
This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as “expect,” “look forward to,” “anticipate” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens’ management, of which many are beyond Siemens’ control. These are subject to a number of risks, uncertainties and factors, including, but not limited to those described in disclosures, in particular in the chapter Risks in the Annual Report. Should one or more of these risks or uncertainties materialize, should decisions, assessments or requirements of regulatory authorities deviate from our expectations, or should underlying expectations not occur or assumptions prove incorrect, actual results, performance or achievements of Siemens may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.
This document includes – in the applicable financial reporting framework not clearly defined – supplemental financial measures that are or may be alternative performance measures (non-GAAP-measures). These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens’ net assets and financial positions or results of operations as presented in accordance with the applicable financial reporting framework in its Consolidated Financial Statements. Other companies that report or describe similarly titled alternative performance measures may calculate them differently.
Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
