Siemens Limited on May 19 announced the acquisition of the EV division of Mumbai-based Mass-Tech Controls Private Limited to address the fast-growing demand for electric vehicle (EV) charging infrastructure in India.
The division being acquired is involved in designing, engineering and making different types of chargers for EVs. These include AC chargers as well as DC chargers with capacities ranging from 30 to 300 kilowatts.
According to the statement, the purchase consideration is Rs 38 crore for this acquisition. This amount will not include any cash or debt, and there may be some additional changes or adjustments to the agreement that both parties need to agree on.
Once the acquisition is finalised, the EV division of Mass-Tech Controls will be fully merged into the e-Mobility Business Unit of Siemens Limited's Smart Infrastructure Business.
The completion of the acquisition depends on meeting certain conditions and getting the necessary approvals from regulators and authorities.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, "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. We welcome colleagues from Mass-Tech Controls Private Limited into the Siemens family."
Subhash Patil, Chairman and Managing Director, Mass-Tech Controls Private Limited, said, "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."
The electric vehicle market in India is going through a significant change, driven by the FAME-II policy of the Indian government and the electric vehicle policies introduced by different state governments.
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