Siemens Limited, has signed an agreement to acquire the EV division of Mumbai-based Mass-Tech Controls Private Limited to address the fast-growing demand for electric vehicle (EV) charging infrastructure in India. The division is engaged in design, engineering and manufacturing of a wide range of AC chargers, and 30 to 300kW capacity DC chargers for various end applications for EVs. The purchase consideration is Rs 38 crore on a cash free and debt free basis and subject to other adjustments mutually agreed between the parties.

Closing of the acquisition is subject to fulfilment of condition precedents as agreed between the parties and receipt of requisite regulatory, statutory and other approvals. Post 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.

While Siemens is active globally in the e-mobility infrastructure space for over a decade, the addition of products will complete Siemens India's portfolio of e-mobility solutions and will address the unique requirements of the Indian market such as lower power rating and parallel charging.

Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, "This acquisition will enable Siemens Limited to address the rapidly growing Indian e-mobility market by complementing our global portfolio. The acquisition will help us to accelerate our growth plans in the e-mobility business segment and will expand our portfolio of sustainability solutions for our customers."

"The fast-evolving e-mobility infrastructure market in India is important for Siemens due to its high growth potential. The enhanced portfolio will enable Siemens to meet market requirements such as homologation and local value-add with cost-competitive solutions. With this acquisition, we now have a strong platform to address our customers' needs with locally designed and produced products," said Markus Mildner, CEO, eMobility at Siemens Smart Infrastructure.

Subhash Patil, Chairman and Managing Director, Mass-Tech Controls Private Limited, said, "Electric vehicle solutions from Mass-Tech Controls will perfectly complement and strengthen Siemens' own existing portfolio of electric vehicle charging infrastructure solutions, helping provide higher value to customers."

Encouraged by the FAME-II policy of the Government of India and electric vehicle policies notified by various state governments, the electric vehicle market in India is in the midst of a transformation.