Siemens Limited is all set to acquire the electric vehicle division of Mumbai-based Mass-Tech Controls Private Limited for INR 38 crores. The division is engaged in the design, engineering and manufacturing of a wide range of AC chargers and 30-300kW capacity DC chargers for EVs.
Commenting on the occasion, the company stated that 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 of Siemens Limited. The addition of products is expected to complete Siemens India’s portfolio of e-mobility solutions. Additionally, it will also address the unique needs of the Indian market such as lower power rating and parallel charging.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, added that the acquisition will enable Siemens to address the rapidly growing Indian e-mobility market by complementing the company’s global portfolio. The acquisition will help in accelerating the company’s growth plans in the e-mobility business segment and will expand its portfolio of sustainability solutions for the customers.
The fast-evolving e-mobility infrastructure market in India is important for Siemens due to its high growth potential opined Markus Mildner, CEO–eMobility at Siemens Smart Infrastructure. The enhanced portfolio will enable Siemens to meet market requirements such as homologation and local value-add with cost-competitive solutions. The acquisition will provide the company with a strong platform to address its customers’ needs with locally designed and produced products.