Siemens Ltd signed an agreement today to acquire the EV division of Mumbai-based Mass-Tech Controls for INR 38 crore ($4.6 million). The division is engaged in the design, engineering, and manufacturing of a wide range of AC chargers, and 30 to 300kW capacity DC chargers for various end applications for EVs.
“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. Closing of the acquisition is subject to fulfilment of condition precedents as agreed between the parties and receipt of requisite regulatory, statutory, and other approvals,” Siemens stated.
Post the acquisition, Mass-Tech Controls’ EV division will be fully integrated into the e-Mobility Business Unit of the Smart Infrastructure Business, Siemens Ltd.
While Siemens is active globally in the e-mobility infrastructure space for more than a decade, the addition of products will complete Siemens India’s portfolio of e-mobility solutions and will address the unique requirements of the Indian market such as lower power rating and parallel charging.
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