Siemens India to spinoff energy operations
Siemens Ltd.’s board on Monday approved a proposed demerger of its energy business into a separate unit, the company said in a regulatory filing.
The Indian unit of the German engineering firm Siemens AG also approved the immediate incorporation of a wholly owned unit in Mumbai.
A subsidiary would be incorporated to implement the planned demerger, the company added.
Promoters — including Siemens Aktiengesellschaft, Siemens International Holding, Siemens Energy Holding, and Siemens Energy Aktiengesellschaft — requested the Indian unit’s board to consider and evaluate the demerger.
