Mumbai May 4
Siemens has completed the acquisition of 50 per cent stake in Flender Ltd for Rs 67.8 crore. With the signing of the closing agreement, Flender is now a Siemens company, along with its manufacturing unit located at Kharagpur, West Bengal.
Siemens has acquired the 50 per cent stake in Flender from Babcock Borsig Ltd. Flender is a significant player in the industrial gearbox segment with revenues of around Rs 85.7 crore for the year ended September 2005.
Mr J. Schubert, Managing Director of Siemens Ltd, said "It is our continuous endeavour to keep expanding our portfolio that will bring direct benefit to our customers. The addition of the Flender business, which is a part of our investment-led growth strategy, is part of this endeavour. The new business will enhance our automation and drives offerings."