MUMBAI, 24 May 2023: Siemens Limited, a global technology company, has recently announced its acquisition of the electric vehicle (EV) division of Mass-Tech Controls Private Limited, a Mumbai-based company in India.
The division of Mass-Tech Controls is involved in the design, engineering, and manufacturing of AC chargers and DC chargers with capacities ranging from 30 kW to 300 kW, catering to various applications for EVs.
The acquisition cost is approximately INR 380m (USD 4.6m) on a cash-free and debt-free basis, with additional adjustments agreed upon by both parties. The completion of the acquisition is contingent upon meeting predetermined conditions and obtaining necessary regulatory and statutory approvals. Once the acquisition is finalized, the EV division of Mass-Tech Controls will be integrated into the e-Mobility Business Unit of Siemens Limited’s Smart Infrastructure Business.
Global e-mobility infrastructure
Siemens has been actively involved in the global e-mobility infrastructure sector for over a decade. This acquisition will augment Siemens India’s e-mobility solutions portfolio, enabling them to cater to the specific requirements of the Indian market. The Indian market has unique demands, such as lower power rating and parallel charging, which will be addressed through this acquisition.
Markus Mildner, CEO of eMobility at Siemens Smart Infrastructure, emphasized the importance of the rapidly evolving e-mobility infrastructure market in India and highlighted the growth potential it offers. Siemens aims to meet market demands by providing cost-competitive solutions that comply with local regulations and incorporate local value-add. The acquisition strengthens Siemens’ position in the Indian market, allowing them to offer locally designed and produced products to meet customer needs.
Subhash Patil, Chairman and Managing Director of Mass-Tech Controls Private Limited, expressed enthusiasm regarding the acquisition. He acknowledged Siemens as a highly reputable and globally recognized organization and believes that the electric vehicle solutions from Mass-Tech Controls will complement and strengthen Siemens’ existing portfolio of electric vehicle charging infrastructure solutions, thereby delivering greater value to customers.
Indian electric vehicle market
The Indian electric vehicle market is undergoing a significant transformation, supported by government policies like the FAME-II policy and electric vehicle policies implemented by various state governments. Siemens’ acquisition of Mass-Tech Controls’ EV division reflects the company’s recognition of the market’s high growth potential and its commitment to addressing the evolving needs of customers in India.