In a step to meet the increasing demand for electrification across industry, infrastructure and buildings in India, Siemens Ltd (India) has signed an agreement to acquire New Delhi-based C&S Electric Ltd.

Siemens says the acquisition of one of the leading providers of electrical and electronic equipment for infrastructure, power generation, transmission and distribution will strengthen its position as a key supplier of low-voltage power distribution and electrical-installation technology in one of the world’s fastest-growing economies.

Under the agreement, Siemens will acquire about 99% of C&S Electric for around 267 million euros (closing of the acquisition is subject to regulatory approvals).

Siemens sees this partnership as a means of ‘paving the way’ for establishing a design and manufacturing hub in India, as well as supporting the export of electrification solutions to fast-developing markets around the world.

The scope of the acquisition comprises the Indian operations of C&S Electric’s low-voltage switchgear components and panels, low- and medium-voltage power busbars, and the company’s protection and metering devices businesses.

Other C&S Electric businesses will be retained by the owners.

Cedrik Neike, CEO of Siemens Smart Infrastructure (www.new.siemens.com), said: “Safe, intelligent and reliable electrification is the backbone of economic and societal development.

“Joining forces with C&S Electric allows us to bring a more comprehensive portfolio that addresses the needs of a very important market.

“Siemens is committed to significantly improving access to reliable and efficient power supply in India.

“This latest investment demonstrates our commitment to strengthening our offering in high-growth markets in Asia.”

RN Khanna, founder and chairman of C&S Electric, which has more than 5,000 employees at three main manufacturing locations, said: “Having been a leading participant in the Indian switchgear market since 1966, we are now delighted to be part of the Siemens family — an organisation that has pioneered and developed the switchgear market in India and globally for many decades.

“Our products, people and vision are ‘perfectly synchronised’ to meet the growing requirements of the Indian and global markets.”