Siemens’ board of directors have approved to sell the company’s mechanical drives (MD) business to Flender Drives Private Limited, a subsidiary of Flender GmbH, which in turn is a subsidiary of Siemens AG.
“The Board of Directors of Siemens Limited has approved the sale and transfer of its Mechanical Drives (MD) business for a consideration of Rs 440 crore,” the company said.
In a late evening statement on Wednesday, the company said the transaction is on a slump sale basis, with effect from January next year, subject to receipt of requisite statutory approvals.
Sunil Mathur, managing director and chief executive officer for Siemens said, “Potential growth in this business will require substantial Capex and moreover,
