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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.
Sunil
Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said,
“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.”
“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 – 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.
Siemens Limited is a technology company focused on industry, infrastructure, transport as well as transmission and generation of electrical power. From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more comfortable transportation, the company creates technology with purpose adding real value for customers. By combining the real and the digital worlds, Siemens empowers its customers to transform their industries and markets, to transform the everyday for people. Siemens Limited is the flagship listed company of Siemens AG in India. As of September 30, 2022, Siemens Limited had Revenue from continuing operations of Rs. 14,832 crore and 8,317 employees. Further information is available on the Internet at
www.siemens.co.in.
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.”
Contact
Bijesh Kamath / Shahzad Bagwan
Siemens Ltd., Media Relations
+91 22 6251 7000