New Delhi, November 15 (Language) German company Siemens AG will acquire an additional 18 percent stake in its Indian unit for 2.1 billion euros (2.28 billion US dollars).
According to an official statement issued by the company, with this move, Siemens AG’s stake in its Indian unit Siemens Limited will increase from 51 to 61 percent.
Siemens AG will acquire the stake from Siemens Energy. Siemens Energy’s stake in Siemens Limited will be reduced from 24 percent to six percent.
Roland Busch, President and CEO of Siemens AG, said, “Together we have shaped a solution that is in the best interests of all parties and the separation of Siemens and Siemens Energy in India. Gives speed. “In addition to the immediate cash flow, we are also enabling an additional line of customer guarantees, making a strong overall contribution to the future sustainability and growth of Siemens Energy.”
Siemens and Siemens Energy have agreed to propose the separation of the energy business to the Board of Directors of Siemens Limited India as a next step.
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