Siemens Acquiring India’s C&S Electric
By Jack Burke27 January 2020
Siemens said it will acquire New Delhi-based C&S Electric Ltd., a provider of electrical and electronic equipment for infrastructure, power generation, transmission and distribution.
The move will strengthen Siemens’ position as a key supplier of low-voltage power distribution and electrical installation technology in one of the world’s fastest-growing economies, the company said. Under the agreement, Siemens will acquire approximately 99% of the equity share capital of C&S Electric Limited for around €267 million. Closing of the acquisition is subject to regulatory approvals. Siemens said it envisions this partnership will pave the way for the establishment of a design and manufacturing hub in India, supporting the export of electrification solutions to fast-developing markets around the world.
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 Etacom busbars business will be retained by the owners.
C&S Electric has more than 50 years of experience in India and will continue to operate under its own brand name. The combination of the portfolios of the two companies will enhance Siemens’ position in the business, enabling it to better serve customers requiring electrification in areas including construction, industry, data centers, smart campuses and other city infrastructure.
“Safe, intelligent and reliable electrification is the backbone of economic and societal development,” said Cedrik Neike, member of the Managing Board of Siemens AG and CEO Smart Infrastructure. “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.”
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Ltd., said that the addition of C&S Electric’s products, sales network, manufacturing units and a highly competent employee base 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,” Mathur said.
C&S Electric was founded in 1966. It has more than 5000 employees across three main manufacturing locations – Haridwar, Noida and Guwahati – including a research and development center in India.