Siemens Limited’s board has granted approval for the proposed demerger of its energy business, creating a seperate unit.
Concurrently, the Indian arm of Siemens AG, the German engineering company, has approved the immediate establishment of a wholly-owned unit in Mumbai. This development follows Siemens AG’s announcement regarding the acquisition of an 18 per cent stake in its subsidiary, Siemens for €2.1 billion. Siemens functions as the Indian joint venture between Siemens Energy and its parent company, Siemens AG. The demerger would result in Siemens’ ownership in Siemens India increasing from the current 51 per cent to 69 per cent, while Siemens Energy’s stake would decrease from 24 per cent to 6 per cent.