Siemens Ltd, on January 24, 2020, signed an agreement to acquire New Delhi-based C&S Electric Ltd. The acquisition of one of the leading providers of electrical and electronic equipment for infrastructure, power generation, transmission and distribution, 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, a release from Siemens said.
Under the agreement, Siemens Ltd. will acquire approximately 99 per cent of the equity share capital of C&S Electric Ltd for around Rs.2,100 crore. Closing of the acquisition is subject to regulatory approvals. In the future, Siemens envisions this partnership to 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 and the Eta-com busbars business will be retained by the owners. It may be recalled that in December 2011, C&S Electric acquired Netherlands-based Etacom ISD BV for around Rs.139 crore. Etacom ISD BV is Dutch holding company for Etacom Group that specialises in manufacturing insulated busbars. The acquisition was done through C&S Electric’s subsidiary C&S Electric International BV.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Ltd., said: “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.”
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.
R.N. Khanna, Founder and Chairman, C&S Electric, said: “Having been a leading participant in the Indian switchgear market since 1966, we are now extremely delighted to be part of the Siemens family, an organization that has pioneered and developed the switchgear market in India and globally for many decades. We both support the ‘Make in India’ initiative and our products, people and vision are perfectly synchronized to meet the growing requirements of the Indian and global markets.”
C&S Electric was founded in 1966. It has more than 5,000 employees across three main manufacturing locations – Haridwar (Uttarakhand), Noida (Uttar Pradesh) and Guwahati (Assam) – including a research and development centre in India.
