Siemens to acquire Elpro's biz
Electrical and electronics engineering major Siemens has decided to acquire the isolator business of Elpro International Ltd.india Updated: Feb 10, 2006 15:10 IST
Electrical and electronics engineering major Siemens Ltd has decided to acquire the isolator business of Hyderabad-based Elpro International Ltd and 50 per cent stake in West Bengal-based Flender Ltd.
The board of directors, at its meeting held last week, approved the decision to acquire manufacturing units of Elpro International and Kharagpur based Flender, the company informed the stock exchanges.
"We have received the board's approval to acquire the Isolator business of Elpro International and 50 per cent stake in Flender with its manufacturing units. These acquisitions will strengthen our Industrial Drives and Power Transmission and Distribution (PTD) portfolio," Siemens Managing Director J Schubert said.
Siemens has also announced to invest Rs 30 crore for setting-up an industrial steam turbine factory at Vadodara in Gujarat. The announcement of this greenfield project was made on the occasion of the company celebrating its 50 years of manufacturing in India.
"In our year of manufacturing in India, we are happy to announce that we are setting up a greenfield factory at Maneja, Vadodara. This new steam turbine factory will give us a better competitive position in the small turbine market. With high growth rate in the industrial sector coupled with deficit in the power supply, we see a huge potential for the small turbine business," Schubert added.
Flender manufactures a wide range of industrial gearboxes and related accessories used in multiple industrial applications. This new business will enable the company to expand its industrial drive technology portfolio by adding gear systems.
First Published: Feb 10, 2006 15:10 IST