Siemens Limited approves the sale of its mechanical drives business to Siemens AG

The board of directors of Siemens Limited has approved the sale and transfer of its mechanical drives business for Rs 4,400 million to Flender Drives Private Limited, a subsidiary of Flender GmbH, which, in turn, is a subsidiary of Siemens AG. The amount has been arrived at on the basis of an independent valuation recommended by the committee of directors and the audit committee. The sale and transfer of the mechanical drives business as a going concern and on a slump sale basis will be with effect from January 1, 2021. It is subject to the receipt of requisite statutory and regulatory approvals.