(News Bulletin 247) – To meet the growing demand for electric vehicle (EV) charging infrastructure in India, Siemens Limited today signed an agreement to acquire the EV division of Mass-Tech Controls Private Limited, based in Mumbai.
This division specializes in the design, engineering and manufacturing of a wide range of AC chargers and DC chargers with a capacity of 30 to 300 kW for various end-use applications for electric vehicles.
The cost of the acquisition is approximately €4.3 million on a cash and debt free basis and subject to other adjustments mutually agreed between the parties to the transaction.
The closing of the acquisition is subject to the satisfaction of the conditions precedent agreed between the parties and the receipt of the required regulatory, statutory and other approvals.
Following the acquisition, the EV division of Mass-Tech Controls will be fully integrated into the e-Mobility business unit of Smart Infrastructure Business, Siemens Limited.
“With this acquisition, we now have a strong platform to meet our customers’ needs with locally designed and manufactured products,” said Markus Mildner, Managing Director of eMobility at Siemens Smart Infrastructure.
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