Siemens has signed an agreement to acquire the EV division of Mumbai-based Mass-Tech Controls.
Siemens says it is a step to address the “fast-growing demand” for electric vehicle charging infrastructure in India.
The cost of the acquisition is €4.3 million (approximately Rs 380 million), on a cash free and debt free basis.
Markus Mildner, CEO of eMobility at Siemens Smart Infrastructure said: “The fast-evolving e-mobility infrastructure market in India is important for Siemens due to its high growth potential.
“With this acquisition, we now have a strong platform to address our customers’ needs with locally designed and produced products.”
Subhash Patil, Chairman and Managing Director, Mass-Tech Controls Private Limited, said the company was “extremely delighted” with the acquisition adding: “Electric vehicle solutions from Mass-Tech Controls will perfectly complement and strengthen Siemens’ own existing portfolio of electric vehicle charging infrastructure solutions, helping provide higher value to customers.”
The Indian market has “unique requirements” such as lower power rating and parallel charging, Siemens says.