To meet the rapidly growing demand for electric vehicle (EV) charging infrastructure in India, Siemens Limited today signed an agreement to acquire the EV division of Mumbai-based Mass-Tech Controls Private Limited. The division is engaged in the development, design and manufacture of a wide range of AC as well as DC charging stations with a capacity ranging from 30 to 300 kW for various end-use applications for electric vehicles. The cost of the acquisition is approximately 380 million Indian rupees (€4.3 million) on a cash-free and debt-free basis and is subject to other adjustments to be agreed between the parties to the transaction.
Completion of the acquisition is subject to the satisfaction of conditions precedent agreed between the parties and the receipt of necessary regulatory, statutory and other approvals. Following the acquisition, Mass-Tech Controls’ EV business will be fully integrated into the eMobility Business Unit of Siemens Limited’s Smart Infrastructure Business. Siemens has been active in eMobility infrastructure globally for more than a decade. With the new products, Siemens in India completes its portfolio of e-mobility solutions and addresses the needs of the Indian market. The Indian market has specific requirements, such as lower power and parallel charging. The Indian market for electric vehicles is undergoing a transformation, helped not least by the Indian government’s FAME II policy and the electric vehicle guidelines promulgated by the governments of various states. www.siemens.de