Siemens Limited approves sale of Large Drives Applications business to a subsidiary
Published on : Saturday 28-05-2022
Siemens AG to carve out the Large Drives Applications business globally into a separate legal entity.
May 27, 2022 – The Board of Directors of Siemens Limited has approved the sale and transfer of its Large Drives Applications (LDA) business to Siemens Large Drives India Private Limited (a subsidiary of Siemens Large Drives GmbH, which in turn is a subsidiary of Siemens AG) with effect from July 1, 2022 and is subject to receipt of requisite statutory and regulatory approvals, as applicable.
The LDA business within Siemens Limited recorded Revenue from Operations of Rs 4,437 million for FY 2021 and an Operating Profit of Rs 251 million. As of FY 2021, the LDA business contributed 3.4% and 2.0%, respectively, to the total Revenue from Operations and Profit from Operations of Siemens Limited.
Following a valuation done by an external independent valuer, the LDA business was approved for sale and transfer by the Board of Directors, for a consideration of Rs 4,400 million.
Siemens Limited is a technology company focused on industry, infrastructure, transport as well as transmission and generation of electrical power. From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more comfortable transportation, the company creates technology with purpose adding real value for customers. By combining the real and the digital worlds, Siemens empowers its customers to transform their industries and markets, to transform the everyday for people. Siemens Limited is the flagship listed company of Siemens AG in India.
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