Siemens completes acquisition of Mass-Tech Controls Private's EV business for Rs 38 cr

Siemens Limited on Saturday said it has completed the acquisition of the electric vehicle division of Mass-Tech Controls Private Ltd for Rs 38 crore.

Siemens is a technology company focused on industry, infrastructure, transport as well as transmission and generation of electrical power.

In a regulatory filing, the company said it "has completed the acquisition of EV division of Mass-Tech Controls in accordance with the definitive agreements entered between the parties for a consideration of Rs 380 million, which is subject to adjustments mutually agreed between the parties to the transaction".