Siemens and Mass-Tech Controls have reached an agreement wherein the former has agreed to acquire the EV division of the Mumbai-based company, engaged in design, engineering and manufacturing of a wide range of AC chargers, and 30-300 kW capacity DC chargers for various end applications for EVs.
The closure of the agreement is subject to fulfilment of condition precedents as agreed between the parties, and receipt of requisite regulatory, statutory and other approvals, said Siemens in a press release. The purchase consideration is INR 38 crore on a cash free and debt free basis and subject to other adjustments that are mutually agreed between the parties to the transaction.
Post acquisition, the EV division of Mass-Tech Controls will be fully integrated into the e-Mobility Business Unit of the Smart Infrastructure Business, Siemens Limited.
Also Read: Exicom Building EV Charger Plant In Hyderabad; Invests INR 100 Cr
Globally, Siemens has been active in the e-mobility infrastructure space for over a decade. The addition of these new products will complete Siemens India’s portfolio of e-mobility solutions and will address the needs of the Indian market. The Indian market has unique requirements such as lower power rating and parallel charging, the company stated.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens said the acquisition will enable the company to address the rapidly growing Indian e-mobility market by complementing its global portfolio. Further, it will also help Siemens to accelerate its growth plans in the e-mobility business segment and will expand our portfolio of sustainability solutions for our customers, he added.
Markus Mildner, CEO – eMobility, Siemens Smart Infrastructure said the fast-evolving e-mobility infrastructure market in India is important for the company due to its high growth potential. The enhanced portfolio will enable Siemens to meet market requirements such as homologation and local value-add with cost-competitive solutions, he added.
“Electric vehicle solutions from Mass-Tech Controls will perfectly complement and strengthen Siemens’ own existing portfolio of electric vehicle charging infrastructure solutions, helping provide higher value to customers,” claimed Subhash Patil, Chairman and Managing Director, Mass-Tech Controls.