Siemens expands EV charger business with €4.3m India buy
Siemens has acquired the EV division of Mumbai-based Mass-Tech Controls for €4.3m to boost its charger business in India.
The division designs and makes a wide range of AC chargers, and 30 to 300kW capacity DC chargers for various end applications for EVs.
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. The division will then be fully integrated into the e-Mobility Business Unit of the Smart Infrastructure Business.
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Siemens has been active globally in the e-mobility infrastructure space for more than a decade and it aiming to maintain its position and the leading supplier.
The addition of the charger capability will complete Siemens India’s portfolio of e-mobility solutions and will address the needs of the Indian market which has unique requirements such as lower power rating and parallel charging.
“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 of eMobility at Siemens Smart Infrastructure.
“We are extremely delighted with the acquisition of our business by Siemens, one of the most well-recognized and respected organizations globally. 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,” said Subhash Patil, Chairman and Managing Director, Mass-Tech Controls.
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