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Press Release19 May 2023Siemens AGMumbai
Siemens to acquire Mass-Tech Controls’ EV division, expanding eMobility offering in India
Closing of the acquisition is subject to fulfilment of
condition precedents as agreed between the parties and receipt of requisite
regulatory, statutory and other approvals. Post the acquisition, the EV division
of Mass-Tech Controls will be fully integrated into the e-Mobility Business
Unit of the Smart Infrastructure Business, Siemens Limited.
While Siemens is active globally in the e-mobility
infrastructure space for more than a decade, the addition of products will
complete Siemens India’s portfolio of e-mobility solutions and will address the
needs of the Indian market. The Indian market has unique requirements such as
lower power rating and parallel charging.
“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,” said Markus Mildner, CEO of eMobility at
Siemens Smart Infrastructure.
Subhash Patil, Chairman and Managing
Director, Mass-Tech Controls Private Limited, said, “We are extremely delighted
with the acquisition of our business by Siemens, one of the most
well-recognized and respected organizations globally. 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.”
Encouraged by the FAME-II policy of the Government of
India and electric vehicle policies notified by various state governments, the
electric vehicle market in India is in the midst of a transformation.
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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 electrification, automation and digitalization. One of the largest producers of energy-efficient, resource-saving technologies, Siemens is a leading supplier of efficient power generation and power transmission solutions and a pioneer in infrastructure solutions as well as automation, drive and software solutions for industry. With its publicly listed subsidiary Siemens Healthineers AG, the company is also a leading provider of medical imaging equipment – such as computed tomography and magnetic resonance imaging systems – and a leader in laboratory diagnostics as well as clinical IT. In fiscal 2018, which ended on September 30, 2018, Siemens generated revenue of €83.0 billion and net income of €6.1 billion. At the end of September 2018, the company had around 379,000 employees worldwide. Further information is available on the Internet at
www.siemens.com.
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. Siemens Smart Infrastructure has its global headquarters in Zug, Switzerland. As of September 30, 2022, the business had around 72,700 employees worldwide.
Forward-looking statements: “This document contains forward-looking statements based on beliefs of Siemens' management. The words 'anticipate', ‘believe’, ‘estimate’, ‘forecast’, ‘expect’, ‘intend’, ‘plan’, ‘should’, and ‘project’ are used to identify forward looking statements. Such statements reflect the Company's current views with respect to the future events and are subject to risks and uncertainties. Many factors could cause the actual result to be materially different, including, amongst others, changes in the general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products, lack of acceptance of new products or services, and changes in business strategy. Actual results may vary materially from those projected here. Siemens does not intend to assume any obligation to update these forward-looking statements.”