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Our Bureau

Mumbai , Nov. 25

THE Board of Directors of Siemens Ltd on Thursday approved three strategic investments - the amalgamation of Siemens VDO Automotive, Bangalore, into itself, 100 per cent acquisition of an industrial turbine company, and the acquisition of 51 per cent stake in a gas turbine servicing company.

The acquisitions will together cost around Rs 25 crore.

Shareholders of Siemens VDO will be offered one share of Siemens Ltd for every 12 shares held, said Mr J. Schubert, Managing Director, Siemens Ltd, at a news conference here.

The industrial turbine company is a Rs 250-crore business based in Vadodara, called Demag Delaval Industrial Turbomachinery Pvt Ltd (DDIT), which would become a wholly-owned subsidiary of Siemens. DDIT has been acquired by Siemens at a global level from Alstom. This would strengthen Siemens' portfolio in the area of industrial power plants, said the release.

Siemens will buy 51 per cent stake in Pimac Engineering and Services Pvt Ltd, Bangalore, which is into maintenance and servicing of gas turbines and a range of industrial applications. This would strengthen Siemens' service business. Siemens will purchase the remaining stake in the company in a phased manner, said a news release.

"In the last fiscal we kick-started an investment led-growth plan which will entail growing organically and also through acquisitions and mergers," said Mr Schubert. Siemens is also including new production lines, augmenting capacities and upgrading and modernising its factories and development centres.

A new technology centre as well as a new software development centre are coming up in Bangalore.

More Stories on : Mergers & Acquisitions | Electronics

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