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Under the agreement, Siemens will acquire approximately 99 percent of the equity share capital of C&S Electric for around Rs. 2,100 crore (approximately EUR 267 million).
Closing of the acquisition is subject to regulatory approvals.
The scope of the acquisition comprises the Indian operations of C&S Electrics low-voltage switchgear components and panels, low and medium voltage power busbars as well as protection and metering devices businesses. Other businesses of the company such as medium voltage switchgear and package sub-station, lighting, diesel generating sets, EPC (Engineering, Procurement and Construction) and the Etacom busbars business will be retained by the owners.
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