Siemens India shareholders vote against sale of low voltage unit to parent co's unit

Siemens India's public shareholders have voted against the sale of its low-voltage motors and geared motors business to Siemens Large Drives India, a subsidiary of Siemens AG. On May 19, Siemens had announced the sale for INR 2,200 crore with effect from October 1, 2023. Nearly 74% of the votes were against the resolution to approve transactions between the company and Siemens Large Drives India.