Siemens announced the acquisition of the electric vehicle division of Mumbai-based Mass-Tech Controls Private Limited for Rs 38 crore on Friday.
The newly acquired division is engaged in design, engineering and manufacturing of a wide range of AC chargers, and 30 to 300kW capacity DC chargers for various end applications for EVs.
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, the company said in a statement.
Following the acquisition, Mass-Tech's EV division will be fully integrated into the e-Mobility Business Unit of the Smart Infrastructure Business at Siemens.
While Siemens has been active globally in the e-mobility infrastructure space for over a decade, the addition of 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.
“This acquisition will enable Siemens Limited to address the rapidly growing Indian e-mobility market by complementing our global portfolio. The acquisition will help us to accelerate our growth plans in the e-mobility business segment and will expand our portfolio of sustainability solutions for our customers,” said Sunil Mathur, managing director and chief executive officer, Siemens.
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Encouraged by the FAME-II policy of the Government of India and electric vehicle policies notified by various state governments, the electric vehicle market in India is in the midst of a transformation.
“The fast-evolving e-mobility infrastructure market in India is important for Siemens 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. With this acquisition, we now have a strong platform to address our customers’ needs with locally designed and produced products,” said Markus Mildner, CEO-eMobility at Siemens Smart Infrastructure.