Siemens purchase India’s C&S Electric for $294m
Siemens has signed a deal to acquire C&S Electric, one of India’s leading providers of electric equipment for power generation, T&D and infrastructure.
New Delhi-based C&S Electric will be bought for around $294m in an agreement that comprises its low-voltage switchgear components and panels, low and medium-voltage power busbars, plus its protection and metering businesses.
Siemens says the acquisition will strengthen its position in India as a supplier of low-voltage power distribution and electrical installation technology.
Sunil Mathur, chief executive of Siemens (India), said the addition of C&S Electric “will complement and strengthen the range of Siemens’ offering. This will bolster our portfolio not only in India, but also for export to competitive international markets in line with our growth strategy.”
The scope of the acquisition comprises the 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. Other businesses of the company such as medium voltage switchgear and package sub-station, lighting, diesel generating sets, EPC (Engineering, Procurement and Construction) and the Eta-com busbars business will be retained by the owners.
C&S Electric was founded in 1966 and has more than 5,000 employees across three main manufacturing locations – Haridwar, Noida and Guwahati. It will continue to operate under its own brand name. Its founder RN Khanna said: “We are extremely delighted to be part of the Siemens family, an organization that has pioneered and developed the switchgear market in India and globally for many decades.
“We both support the ‘Make in India’ initiative and our products, people and vision are perfectly synchronized to meet the growing requirements of the Indian and global markets.”
Cedrik Neike, chief executive of Siemens Smart Infrastructure, said: “Safe, intelligent and reliable electrification is the backbone of economic and societal development. Joining forces with C&S Electric allows us to bring a more comprehensive portfolio that addresses the needs of a very important market.
“Siemens is committed to significantly improving access to reliable and efficient power supply in India. This latest investment demonstrates our commitment to strengthening our offering in high growth markets in Asia.”