M&A

M&A

Siemens Ltd to sell motors unit to German parent for Rs.2,200-Cr

BSE Announcement  

BSE-listed Siemens Ltd will sell its low voltage motors and geared motors businesses, including related customer service business, to Siemens Large Drives India Pvt Ltd, an entity wholly owned by Siemens AG, Germany, for INR 2,200 crore. Grant Thornton Bharat LLP provided valuation advise, while ICICI Securities provided fairness opinion. For FY 2022, the business being sold recorded a revenue from operations of INR 1,061 crore and profit from operations of INR 132 crore. This transaction is consequent to Siemens AG's decision to form Innomotics, an integrated provider of motors and large drives. Effective 1st July 2023, the carve-out will be completed and Innomotics GmbH (Germany) will operate as a separate and independent company within the Siemens Group.