Siemens Ltd acquires 50 pc stake in Flender

Kolkata, May 4: Siemens Limited has recently acquired 50 per cent stake in Flender Limited for Rs 678 million to become a fully owned company of Siemens in India.

The Siemens Board of Directors has already approved the acquisition at its meeting and with signing of the closing agreement Flender's manufacturing unit at Kharagpur in West Midnapore district had also come under its wing.

Flender is one of the leading players in the industrial gearboxes segment as its revenues touched Rs 857 million mark till September 30, 2005. With its current employee strength moving around 325, the company caters to the major market segments like cement, Sugar, steel and rubber.

Siemens is the flagship of the Siemens Group in India which 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