Siemens Limited has signed an acquisition agreement to acquire Mumbai-based Mass-Tech Controls Private Limited’s EV division. The acquisition, costing nearly INR 380 million, will complete Siemens India’s portfolio of e-mobility solutions and will address the needs of the Indian market.

May 19, 2023

Siemens Limited recently signed an agreement to acquire the EV division of Mumbai-based Mass-Tech Controls Private Limited, a company engaged in design, engineering and manufacturing of a wide range of AC chargers, and 30 to 300kW capacity DC chargers for various end applications for EVs. The cost of the acquisition is approximately INR 380 million. Post the acquisition, the EV division of Mass-Tech Controls will be fully integrated into the e-Mobility Business Unit of Siemens Limited.

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This addition of products will complete Siemens India’s portfolio of e-mobility solutions and will address the needs of the Indian market. The Indian market has unique requirements such as lower power rating and parallel charging. “The fast-evolving e-mobility infrastructure market in India is important for Siemens due to its high growth potential. The enhanced portfolio will enable Siemens to meet market requirements such as homologation and local value-add with cost-competitive solutions. With this acquisition, we now have a strong platform to address our customers’ needs with locally designed and produced products,” said Markus Mildner, CEO of eMobility at Siemens Smart Infrastructure.