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Mumbai, Sept. 12 Siemens Ltd on Wednesday said it had completed the acquisition of Siemens Industrial Turbomachinery Services Pvt Ltd (SITS) from Pimac Engineers Pvt. Ltd.

Siemens had acquired a 51 per cent stake in April 2005 and then an additional 23 per cent from Pimac Engineers in September, 2006.

Now, with the acquisition of the remaining 26 per cent stake, SITS is a 100 per cent subsidiary of Siemens Ltd. The balance 26 per cent stake in SITS was acquired on September 7, the company said.

Bangalore-based SITS is a leading player in the area of overhauling, maintenance and servicing of gas turbines with revenues of around Rs 13.7 crore for the year ended September 2006.

Mr. Juergen Schubert, Managing Director, Siemens Ltd, said, “We are now in a better position to offer complete solutions in the small gas turbine segment. This business enhances our offerings in the power generation sector and further strengthens our position as an integrated provider of products, systems and services in this fast growing segment.”

More Stories on : Mergers & Acquisitions | Engineering | Siemens Ltd

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