Siemens to acquire Mass-Tech’s EV segment

Siemens Limited has announced an agreement to acquire Mumbai-based Mass-Tech Controls Private Limited’s electric vehicle (EV) division for Rs 380 million.

Siemens anticipates to expand its market position in India and establish an export centre with this acquisition. Additionally, Mass-Tech’s EV segment will be incorporated into Siemens’ electric-mobility business unit. The acquired assets will help Siemens complete its range of electric mobility solutions while catering to the Indian market. The acquisition of the EV division is likely to be completed by September 2023 and is subject to fulfilment of condition precedents as agreed between the parties and receipt of requisite regulatory, statutory, and other approvals / consents.