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Mumbai, May 14 (IANS) The Board of Directors of Siemens Limited, the Indian subsidiary of German technology giant Siemens AG, on Tuesday approved the proposal to demerge its energy business into a separate legal entity – Siemens Energy India Limited.
The new entity will be subsequently listed and will mirror the shareholding of Siemens Limited, upon the receipt of requisite approvals, the company said.
As per the scheme of arrangement, shareholders of Siemens Limited will receive one share of Siemens Energy India Limited for every one share of Siemens Limited. The new entity will subsequently be listed on the BSE Limited and National Stock Exchange of India Limited, according to a company statement.
The demerger will lead to the creation of two strong and independent entities which are able to better address their respective markets and customers with a more focused approach, according to a company statement.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said: “Siemens Energy India Limited and Siemens Limited will script new paths as two independent, publicly-listed companies. The demerger will enable both companies to pursue their specific strategies, focus on their core portfolios and to take decisions on capital allocation. This will enable the full value of each of the businesses to be unlocked for the benefit of the shareholders.”
The process of demerger, including receipt of requisite approvals, and subsequent listing of Siemens Energy India Limited is expected to be completed in 2025.
--IANS
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