Siemens acquires 99.22% stake in C&S Electric Ltd

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Siemens Ltd on Monday announced the acquisition of a 99.22 percent stake of C&S Electric Ltd from its promoters.

In a filing with the exchange, Siemens Ltd said, “It has completed the acquisition of 99.22% equity shares in C&S Electric Ltd from the company’s promoters for Rs 21,000,00,000 (Indian Rupees Twenty One Thousand million) on cash-free/debt-free basis on terms and conditions that are mutually agreed between parties to the transaction.”

“Siemens Ltd has closed the acquisition of C&S Electric Limited after receiving the approval of Competition Commission of India on August 20, 2020,” the filing added.