- Acquisition to strengthen Siemens’ capability to address fast-growing demand for electric vehicle charging infrastructure in India, expand local market presence, enable creation of export hub
- To scale up Siemens’ range of e-mobility solutions in India, complementing its global portfolio
- Closing subject to fulfilment of condition precedents as agreed between the parties and receipt of requisite regulatory, statutory and other approvals
In a
step to address the fast-growing demand for electric vehicle (EV) charging
infrastructure in India, Siemens Limited, signed an agreement today to acquire the
EV division of Mumbai-based Mass-Tech Controls Private Limited. The division is
engaged in design, engineering and manufacturing of a wide range of AC chargers,
and 30 to 300kW capacity DC chargers for various end applications for EVs. The
purchase consideration is Rs. 38 crore on a cash free and debt free basis and
subject to other adjustments that are mutually agreed between the parties to
the transaction.
- Starting with 20 students in 2013, Siemens Scholarship Program now has over
1,300 students from 125 government engineering colleges & 27 states in
India
- Financial assistance provided to deserving meritorious students over four
years of engineering of graduation – ensures equal opportunity for girls
Siemens Scholarship Program, based on the
German model of Dual Education, completed 10 years with the induction of 200
students. The program hones youth to become industry-ready engineers and launch
a sustainable career in engineering, R&D or manufacturing. As of 2023, over
1,300 students from 125 government engineering colleges across 27 states in
India have been part of the Siemens Scholarship Program.
Under this program, Siemens provides financial
assistance to deserving meritorious students who are unable to afford the education
expenses. The students receive full scholarships covering the college fees and allowances
for books, stationery, etc. Based on the German model of Dual Education, the
students are provided with internships, training on mechatronics, soft skills,
projects and mentorships throughout the four years of engineering to make them
truly industry ready. Fifty percent of the students are young women.
Sunil Mathur, Managing Director and Chief
Executive Officer, Siemens Limited, said “It is inspiring to see the high level
of untapped potential that we have in this country. Through the Siemens
Scholarship Program we hope we are able to provide these young engineering
graduates with equal opportunities to realize the true potential that India has
to offer.”