Siemens sells enterprise network div to parent Co

New Delhi, Feb 4: Siemens Ltd has decided to sell its communications enterprise networks division to Siemens Enterprise Communications Pvt Ltd, a wholly-owned subsidiary of its parent company, Siemens AG, Germany, for a total consideration of Rs 58 crore.

The sale will come into effect from April 1, 2007, a statement said. Till that time, the Communications Enterprise Networks business will continue to be a part of the company.

However, the move is subject to approval of the shareholders of the company.

UNI