M&A

M&A

Siemens to acquire Mass-Tech Controls' EV division for Rs 38-Cr

BSE Announcement  

Publicly-listed Siemens Ltd is to acquire the electric vehicle (EV) division of Mumbai-based Mass-Tech Controls Pvt Ltd (MCPL) for INR 38 crore. The division is engaged in design, engineering and manufacturing of a range of AC chargers, and 30 to 300kW capacity DC chargers for various end applications for EVs. For FY23, the turnover (unaudited) of the EV division being acquired was INR 16.74 crore . MCPL was incorporated in 1988 and its EV division was started in 2017. The EV division is engaged in the business of design, engineering, and manufacturing of AC and DC chargers for various end applications for electric vehicles. With the acquisition, Siemens aims to address the demand for EV charging infrastructure in India, expand local market presence and enable creation of export hub.