Fair trade regulator CCI on Thursday said it has given nod to the proposed acquisition of C&S Electric by Siemens.
As per a statement issued by Siemens in January, it had inked an agreement to acquire 99 per cent equity in New Delhi-based C&S Electric for around Rs 2,100 crore. Giving nod to the deal, the Competition Commission of India (CCI) said in a tweet that it “approves proposed acquisition of C&S Electric by Siemens.”
As per the agreement signed between the two firms, Siemens will acquire Indian operations of C&S Electric’s low-voltage switchgear components and panels, low and medium-voltage power busbars as well as protection and metering devices businesses.
