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Press Release29 October 2011Mumbai
Siemens Ltd. announces amalgamation of Siemens VAI Metals Technologies Pvt. Ltd. and Morgan Construction Company India Pvt. Ltd. with itself
The share swap ratio for the proposed amalgamation is: 1,318 (one thousand three hundred and eighteen) equity shares of the face value of Rs. 2 (Rupees two) each fully paid up of the company for every 100 (one hundred) equity shares of the face value of Rs.100 (Rupees one hundred), fully paid-up of SVAI (Morgan is a 100% subsidiary of SVAI).
The proposed amalgamation is subject to the approvals of the shareholders and creditors of the companies, and other statutory and regulatory authorities in the respective jurisdictions.
Dr. Armin Bruck, Managing Director, Siemens Ltd., commented on the announcement, “The amalgamation is part of an ongoing consolidation strategy. Siemens Ltd. constantly seeks opportunities to deliver sustainable growth and add investor value by consolidating the Siemens Group businesses based on operational synergies.”
Werner Auer, CEO of Siemens VAI, supports the amalgamation: “The integration helps Metals Technologies to improve our footprint as local manufacturer and supplier for Indian steel plants. We now can offer engineering, mechanic and automation solutions as well as lifecycle services for Indian producers from one single source.
For this press release
Contact
Dr. Armin Bruck, Managing Director
Siemens Ltd.
130, Pandurang Budhkar Marg,
Worli, Mumbai - 400 018.
India
Worli, Mumbai - 400 018.
India
Tel. : (022) 3967 7000
Fax : (022) 3967 7500
Mr. Viswakumar Menon
Corporate Communication - Press Office
130, Pandurang Budhkar Marg, Worli, Mumbai - 400 018.
India
India
Tel. : (022) 3967 7537 / 3967 7026
Fax : (022) 3967 7174