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Siemens Ltd. has acquired the balance 26% stake in Siemens Industrial Turbomachinery Services Pvt. Ltd. (SITS) from Pimac Engineers Pvt. Ltd. With signing of the closing agreement, Siemens has also completed the acquisition of SITS, which is now a 100% subsidiary of Siemens Ltd. effective 7th September 2007.
Siemens Ltd. announced today that it has acquired the balance 26% stake in SITS on 7th September 2007. The Company had earlier acquired a 51% stake in April 2005 and thereafter acquired an additional 23% stake from Pimac Engineers Pvt. Ltd in September 2006 raising it’s holding to 74%. With the acquisition of the remaining 26% stake, SITS now is a 100% subsidiary of Siemens Ltd. SITS is one of the leading players in the area of overhauling, maintenance and servicing of gas turbines with revenues of around Rs 137 million for the year ended September 2006. Its current employee strength is around 36 and the Company is based out of Bangalore.
Commenting on the acquisition, Mr. Juergen Schubert, Managing Director, Siemens Ltd. said, “With SITS now becoming a 100% subsidiary of Siemens Ltd., we are now in a better position to offer complete solutions in the small gas turbine segment. This business enhances our offerings in the Power Generation sector and further strengthens our position as an integrated provider of products, systems and services in this fast growing segment.”
Siemens Ltd. is the flagship of the Siemens Group in India. The Siemens Group in India is a leading provider of industry and infrastructure solutions in India with a business volume aggregating about Rs. 9000 crore. It operates in the core business segments of Energy,
Industry and Buildings, Information Technology, Communication, Transportation, Healthcare and Lighting. It has nation-wide Sales and Service network, 17 manufacturing plants, some 500 strong network of channel partners and through its 15 companies, the Siemens Group employs around 16,000 people