HomeOther Energy Applications ›Siemens to Acquire Mass Tech Controls’ EV Division for Augmenting eMobility in India

Siemens to Acquire Mass Tech Controls’ EV Division for Augmenting eMobility in India

The division deals in the design, engineering and manufacturing of a wide range of AC chargers, and 30 to 300kW capacity DC chargers for multi-end applications for EVs.

May 22, 2023. By EI News Network

Siemens Limited has inked an agreement to acquire the EV division of Mumbai-based Mass-Tech Controls Private Limited.

The division deals in the design, engineering and manufacturing of a wide range of AC chargers, and 30 to 300kW capacity DC chargers for multi-end applications for EVs.

The acquire consideration is calculated as INR 38 crore on a cash-free and debt-free basis and subject to other adjustments that are mutually consented to between the parties to the transaction.

After the acquisition, the EV division of Mass-Tech Controls will be totally amalgamated into the e-Mobility Business Unit of the Smart Infrastructure Business, Siemens Limited.

Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, added, “This acquisition will enable Siemens Limited to address the rapidly growing Indian e-mobility market by complementing our global portfolio. The acquisition will help us to accelerate our growth plans in the e-mobility business segment and will expand our portfolio of sustainability solutions for our customers. We welcome colleagues from Mass-Tech Controls Private Limited into the Siemens family.”

Subhash Patil, Chairman and Managing Director, Mass-Tech Controls Private Limited, stated, “We are extremely delighted with the acquisition of our business by Siemens, one of the most well-recognized and respected organizations globally. Electric vehicle solutions from Mass-Tech Controls will perfectly complement and strengthen Siemens’ own existing portfolio of electric vehicle charging infrastructure solutions, helping provide higher value to customers.”

Closing of the acquisition is subject to fulfillment of condition precedents as agreed between the parties and receipt of requisite regulatory, statutory and other approvals.
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