Siemens : Board of Directors approves sale of Large Drives Applications business to a subsidiary of Siemens AG for Rs. 4,400 million
May 27, 2022 at 11:21 am
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Press Release27 May 2022Siemens AGMunich
Siemens Limited's Board of Directors approves sale of Large Drives Applications business to a subsidiary of Siemens AG for Rs. 4,400 million
Transaction consequent to intent of Siemens AG to carve out the Large Drives Applications business globally into a separate legal entity
The Large Drives Applications business contributed 3.4% to total Revenue from Operations and 2.0% of Profit from Operations of Siemens Limited for the year ended 30th September 2021
Transaction consequent to intent of Siemens AG to carve out the Large Drives Applications business globally into a separate legal entity
The Large Drives Applications business contributed 3.4% to total Revenue from Operations and 2.0% of Profit from Operations of Siemens Limited for the year ended 30th September 2021
The Board of Directors of Siemens Limited has approved the sale and transfer of its Large Drives Applications (LDA) business to Siemens Large Drives India Private Limited (a subsidiary of Siemens Large Drives GmbH, which in turn is a subsidiary of Siemens AG) with effect from July 1, 2022 and is subject to receipt of requisite statutory and regulatory approvals, as applicable.
The LDA business within Siemens Limited recorded a Revenue from Operations of Rs. 4,437 million for FY 2021 and an Operating Profit of Rs. 251 million. As of FY 2021, the LDA business contributed 3.4% and 2.0%, respectively, to the total Revenue from Operations and Profit from Operations of Siemens Limited.
Following a valuation done by an external independent valuer, the LDA business was approved for sale and transfer by the Board of Directors, for a consideration of Rs. 4,400 million (Indian Rupees Four Thousand Four Hundred million).
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Siemens Limited is a technology company focused on industry, infrastructure, transport as well as transmission and generation of electrical power. From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more comfortable transportation, the company creates technology with purpose adding real value for customers. By combining the real and the digital worlds, Siemens empowers its customers to transform their industries and markets, to transform the everyday for people. Siemens Limited is the flagship listed company of Siemens AG in India. As of September 30, 2021, Siemens Limited had Revenue from continuing operations of INR 12,756 crore and 8,608 employees. Further information is available on the Internet at www.siemens.co.in.
Siemens Ltd. published this content on 27 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 May 2022 10:19:47 UTC.
Siemens Limited is one of the Indian's leading manufacturers of electronic and electro-technical equipment. Net sales (not including sold divisions) break down by sector of activity as follows:
- energy (36.1%): integrated products and services for oil and gas production, electricity generation and transmission, etc.;
- electricity transmission and distribution (30.7%): power transmission and distribution systems, electrical installations, miniature circuit breakers, distribution boards, residual current circuit breakers, etc.;
- industry automation (23,8%): industrial automation systems, drive systems, etc. The group also provides engineering, procurement, installation and commissioning of turnkey projects products in the industrial and infrastructure sectors;
- mobility (8.7%): rail vehicles, rail automation systems, rail electrification systems, road traffic management solutions, etc.;
- other (0.7%).
India accounts for 82.2% of net sales.
SIEMENS LIMITED 
