Siemens Limited has signed an agreement to acquire the EV division of Mumbai-based Mass-Tech Controls Private Limited, in an effort to address the fast-growing demand for electric vehicle (EV) charging infrastructure in India. The division designs, engineers and manufactures a range of AC chargers and 30-300 kW DC chargers for various end applications for EVs. The cost of acquisition is approximately EUR4.3m on a cash-free and debt-free basis. Following the acquisition, the EV division of Mass-Tech Controls will be fully integrated into the e-Mobility Business Unit of the Smart Infrastructure Business, Siemens Limited. The move will enable Siemens to meet market requirements such as homologation and local value-add with cost-competitive solutions.
Siemens is a German multinational conglomerate company that is active globally in the e-mobility infrastructure space for more than a decade. It operates in a range of sectors including automation, energy, healthcare and mobility.
Markus Mildner is the CEO of eMobility at Siemens Smart Infrastructure.
