Siemens on Monday said it completed its acquisition of C&S Electric Ltd. in India. The company had earlier acquired 99.22% of C&S Electric from its promoters for ₹2,100 crore and it also received regulatory approval from the Competition Commission of India in August 2020.
As per a Siemens statement, the acquisition would address the rising demand for low-voltage power distribution in India. Apart from gaining access to the domestic market, the transaction was also aimed at creating an export hub, it said.
“Siemens Limited has closed the acquisition of C&S Electric Limited after receiving the approval of CCI and the successful completion of further closing steps,” the statement further said.