Siemens approves sale of large drives applications sale to subsidiary for Rs 4.4 billion

Siemens Limited’s board of directors 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) for Rs 4.4 billion…

This will come into effect from July 1, 2022, and is subject to receipt of requisite statutory and regulatory approvals.The LDA business within Siemens Limited recorded revenue from operations of Rs 4.44 billion during 2020-21 and an operating profit of Rs 251 million.As of 2020-21, the LDA business contributed 3.4 per cent and two per cent, respectively, to the total revenue from operations and profit from operations of Siemens Limited

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