The Board of Directors of Siemens Limited has approved the sale and transfer of its Large Drives Applications (LDA) business to Siemens Large Drives India Private Limited (a subsidiary of Siemens Large Drives GmbH, which in turn is a subsidiary of Siemens AG). It will be effective from July 1, 2022 and is subject to receipt of requisite statutory and regulatory approvals, as applicable.
The LDA business within Siemens Limited recorded a Revenue from Operations of Rs. 4,437 million for FY 2021 and an Operating Profit of Rs. 251 million. As of FY 2021, the LDA business contributed 3.4% and 2.0%, respectively, to the total Revenue from Operations and Profit from Operations of Siemens Limited.
Following a valuation done by an external independent valuer, the LDA business was approved for sale and transfer by the Board of Directors, for a consideration of Rs. 4,400 million (Indian Rupees Four Thousand Four Hundred million).
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