Siemens Limited is set to acquire the electric vehicle (EV) division of Mass-Tech Controls Private Limited. The division specialises in the design, engineering, and manufacturing of AC and DC chargers for EVs, ranging from 30 to 300kW capacity. The acquisition, valued at Rs. 38 crore, will bolster Siemens’ presence in the rapidly growing Indian EV charging infrastructure market.
Following the acquisition, Mass-Tech Controls’ EV division will be integrated into Siemens Limited’s e-Mobility Business Unit. This acquisition will enable Siemens to provide comprehensive e-mobility solutions tailored to the specific needs of the Indian market, including lower power rating and parallel charging requirements.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, expressed his enthusiasm for the acquisition, stating that it will enable Siemens to enter the rapidly growing Indian e-mobility market and enhance their global portfolio. He emphasised that the acquisition will accelerate their growth plans in the e-mobility business segment and expand their sustainability solutions for customers.
Markus Mildner, CEO, eMobility, Siemens Smart Infrastructure, highlighted the significance of the evolving e-mobility infrastructure market in India and the acquisition’s role in meeting market requirements. He mentioned that the enhanced portfolio will allow Siemens to offer cost-competitive solutions while addressing local value-add and homologation needs. Mildner added that the acquisition provides a strong platform for Siemens to fulfil their customers’ requirements with locally designed and produced products.
Subhash Patil, Chairman and Managing Director, Mass-Tech Controls Private Limited, expressed his delight in the acquisition by Siemens. He acknowledged Siemens as a globally recognised and respected organisation and mentioned that Mass-Tech Controls’ electric vehicle solutions will complement and strengthen Siemens’ existing portfolio of electric vehicle charging infrastructure solutions. Patil believed that this partnership would provide higher value to customers.
Meanwhile, Siemens Limited’s Board of Directors has approved the sale of its low voltage motors and geared motors businesses, including related customer service, to Siemens Large Drives India Private Limited, a wholly owned subsidiary of Siemens AG. The transaction, valued at Rs. 2,200 crore, is part of Siemens AG’s plan to carve out the Innomotics business into a separate company. The sale is subject to various approvals and conditions. Siemens Limited intends to distribute 100 per cent of the sale consideration, after taxes, as a special dividend. The low voltage motors and geared motors business accounted for approximately 7 per cent of Siemens Limited’s revenue and 9 per cent of its profit in FY 2022.