Siemens Limited has successfully finalized the purchase of Mass-Tech Controls Private Ltd’s electric vehicle (EV) division for INR 38 crore.
As a technology company specializing in industry, infrastructure, transportation, and electrical power transmission and generation, Siemens aims to expand its presence in the EV market.
The acquisition of Mass-Tech Controls’ EV division was executed in compliance with the definitive agreements between both companies, with a total consideration of INR 380 million, subject to mutually agreed adjustments.
This strategic move further strengthens Siemens’ commitment to advancing the development and adoption of electric vehicles.
