Siemens Buys Indian Electrification Company C&S Electric In $296 Million Deal

Siemens is buying Indian electrical equipment maker C&S Electric in a 267 million euro ($296.21 million) deal, the German industrial group said.

The privately held New Delhi-based company makes low-voltage switchgear parts, metering devices and other products used to transmit and distribute electricity, Siemens said.

The C&S deal comes as Siemens reorganises itself around its smart infrastructure and industrial automation businesses when it spins off its energy business this year.

C&S, which employs 5,000 people, had estimated sales of around 150 million euros in 2019, with an operating profit margin of 10 per cent to 15 per cent, Siemens said.

Andreas Matthe, chief executive of the low-voltage products business at Siemens’s Smart Infrastructure division, said buying C&S would help Siemens provide products for the Indian low-voltage market, which has been growing at around 6 per cent per year.

Siemens wants to boost its presence in India’s home-building, construction and infrastructure sectors like airports, Matthe said.

“India is one of the fastest growing markets in the world, and there is so much to do in terms of infrastructure and improving the energy supply,” Matthe said.

Siemens will buy around 99 per cent of the equity share capital under the agreement, which is subject to regulatory approvals.

The trains to industrial software maker, which is due to report its first-quarter earnings on Feb. 5, said it was also looking to set up a design and manufacturing hub in India following the completion of the acquisition.


L&T Construction bags Significant Contracts for Various Businesses

The construction arm of L&T has secured orders from prestigious clients in the GCC and various Indian states for its varied businesses.

In the United Arab Emirates, the Power Transmission and Distribution business has secured an order for the design, supply and construction of a 132kV Substation project with associated 132kV cabling works from one of the government utilities.

Additional orders have been won in ongoing projects in the Middle East.

In Maharashtra, an empanelment and rate contract has been awarded to provide off-grid DC solar photovoltaic water pumping systems with standalone lighting systems for farmers in the Aurangabad, Nashik and Pune revenue divisions. These systems will have provision for mobile charging, transfer of automated meter reading and water discharge reading data.

L&T’s Transportation Infrastructure business has secured a major add-on order from an existing client in Qatar for an Expressway.

Additionally, various add-on orders have been received by some existing projects in the Water and Effluent Treatment (WET) and Metallurgical and Material Handling (MMH) businesses.