Mumbai, India – Siemens Ltd, recently signed an agreement to acquire the EV division of Mumbai-based Mass-Tech Controls Pvt Ltd, in a step to address the fast-growing demand for electric vehicle (EV) charging infrastructure in India. The division is engaged in design, engineering, and manufacturing of a wide range of AC chargers, and 30-300kW capacity DC chargers for various end applications for EVs. The purchase consideration is INR 38 crore on a cash free and debt free basis and subject to other adjustments that are mutually agreed upon between the parties to the transaction. Closing of the acquisition is subject to fulfillment of condition precedents as agreed between the parties and receipt of requisite regulatory, statutory, and other approvals. Post-acquisition, the EV division of Mass-Tech Controls will be fully integrated into the e-Mobility Business Unit of the Smart Infrastructure Business, Siemens Ltd.
While Siemens has been active globally in the e-mobility infrastructure space for more than a decade, the addition of these products will complete Siemens India’s portfolio of e-mobility solutions and address the needs of the Indian market. The Indian market has unique requirements, such as a lower power rating and parallel charging. Encouraged by the FAME-II policy of the Government of India and electric vehicle policies notified by various state governments, the electric vehicle market in India is in the midst of a transformation.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Ltd, said, “This acquisition will enable Siemens Ltd to address the rapidly growing Indian e-mobility market by complementing our global portfolio. The acquisition will help us accelerate our growth plans in the e-mobility business segment and expand our portfolio of sustainability solutions for our customers. We welcome colleagues from Mass-Tech Controls Pvt Ltd into the Siemens family.”
Stating that the fast-evolving e-mobility infrastructure market in India is important for Siemens due to its high growth potential, Markus Mildner, CEO – eMobility, Siemens Smart Infrastructure, commented, “The enhanced portfolio will enable Siemens to meet market requirements such as homologation and local value-add with cost-competitive solutions. With this acquisition, we now have a strong platform to address our customers’ needs with locally designed and produced products.”
Against this backdrop, Subhash Patil, Chairman and Managing Director, Mass-Tech Controls Pvt Ltd, said, “We are extremely delighted with the acquisition of our business by Siemens, one of the most well recognized and respected organizations globally. 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.”
Image Source: Siemens Ltd