Fair trade regulator CCI on August 20 said it has given nod to the proposed acquisition of C&S Electric by Siemens. As per a statement issued by Siemens in January, it had inked an agreement to acquire 99 per cent equity in New Delhi-based C&S Electric for around Rs 2,100 crore.
Giving nod to the deal, the Competition Commission of India (CCI) said in a tweet that it "approves proposed acquisition of C&S Electric by Siemens."
As per the agreement signed between the two firms, Siemens will acquire Indian operations of C&S Electric's low-voltage switchgear components and panels, low and medium-voltage power busbars as well as protection and metering devices businesses.
C&S Electric's other businesses, such as medium-voltage switchgear and package sub-station, lighting, diesel generating sets, EPC (engineering, procurement and construction), and the Etacom busbars business will be retained by the owners.
Siemens India focuses on the areas of power generation and distribution, intelligent infrastructure for buildings and distributed energy systems, and automation and digitalization in the process and manufacturing industries, a release by CCI said.
It also supplies smart mobility solutions for rail and road transport and infrastructure solutions for smart cities.C&S manufactures a range of electrical switchgear, power protection and electrical distribution product, the release said. Among others, C&S is also engaged in the design and execution of grid-connected solar photovoltaic power plants, it added.