Siemens completes acquisition of a 50% stake in Flender

Kolkata, May 4 (UNI) Siemens Ltd. has completed the acquisition of a 50 per cent stake in Flender Ltd. for Rs 678 million.

With signing of the closing agreement, Flender is now a Siemens company along with its manufacturing unit located at Kharagpur, West Bengal.

Siemens has acquired a 50 per cent stake in Flender from Babcock Borsig Limited and with the signing of the closing agreement and completion of necessary procedures, Flender is now a Siemens company in India. Earlier Siemens Board had approved the proposal to acquire a 50 per cent stake in Flender Ltd.

Flender is one of the leading players in the industrial gearboxes segment with revenues of around Rs 857 million for the year ended September 30, 2005. Its current employee strength is around 325 and has a manufacturing facility at Kharagpur, West Bengal. The company caters to the major market segments like cement, Sugar, steel and rubber.

Siemens Ltd is the flagship of the Siemens Group in India. The Siemens Group is a leading provider of industry and infrastructure solutions in India with a business volume aggregating about Rs 5400 crores. It operates in the core Communication, Transportation, Healthcare and Lighting, Company sources here today said.

UNI ABA KK DB1848