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Our Bureau

Mumbai, Nov. 23

Siemens Ltd will divest its 100 per cent stake in subsidiary Siemens Public Communication Networks Pvt Ltd, to Nokia Siemens Networks India Pvt Ltd.

The decision was taken by the board consequent to the announcement by Siemens AG (Germany) for merger of the networks business group of Nokia and Siemens' carrier-related operations for fixed and mobile networks worldwide.

The board of Siemens Ltd also approved in-principle the proposal for sale of the company's undertaking comprising the `communication-enterprise networks' division in favour of a new 100 per cent subsidiary to be incorporated by Siemens AG in India. This will be done by April next year and is subject to approval of shareholders by postal ballot, said a statement.

More Stories on : Telecommunications | Mergers & Acquisitions

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