Siemens Ltd. on Saturday said it has completed the acquisition of the electric vehicle division of Mass-Tech Controls Private Ltd for Rs 38 crore.
Siemens is a technology company focused on industry, infrastructure, transport as well as transmission and generation of electrical power.
In a regulatory filing, the company said it "has completed the acquisition of EV division of Mass-Tech Controls in accordance with the definitive agreements entered between the parties for a consideration of Rs 380 million, which is subject to adjustments mutually agreed between the parties to the transaction".
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