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siliconindia | Tuesday, 02 March 2021, 04:21 Hrs
Siemens on Monday announced that it has completed the acquisition of electrical equipment manufacturer C&S Electric in India after receiving regulatory approval from the Competition Commission of India in August last year.
As per the agreement, Siemens acquired around 99.22 per cent of the equity share capital of C&S Electric Limited from its promoters for Rs 2,100 crore.
The acquisition comprises the Indian operations of C&S Electric's low-voltage switchgear components and panels, low and medium-voltage power bush bars as well as protection and metering devices businesses.
The acquisition addresses rising demand for low-voltage power distribution in India, the company said in a statement.