Siemens Limited's Board of Directors approve sale of healthcare undertaking for INR 30,500 million
The transaction is subject to requisite regulatory, statutory and shareholder approvals.
The consideration for the proposed transaction, recommended by the Audit committee, is based on the valuation undertaken by two independent valuers – Deloitte Touche Tohmatsu India LLP and KPMG India Private Limited. Citigroup Global Markets India Pvt. Ltd. is acting as the transaction advisor to Siemens Limited.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, “This transaction, follows Siemens AG’s global strategy of managing its Healthcare business under a separately-managed company. Over 85% of Siemens Ltd Healthcare revenues are currently derived from products imported from Siemens AG."
" Significant Management focus, including investments will be needed in finding appropriate products and solutions to meet the growing demands of the Indian market. As there are limited synergies between the Healthcare and other businesses of Siemens Ltd, this transaction will enable Siemens Ltd to increase its focus on, and capital allocation to Power Generation, Transmission and Distribution, Mobility, Industrial Automation and Smart Cities segments while enabling Siemens AG to further strengthen its focus on the Healthcare segment in India, by aligning it with its global strategy and management framework," Mathur said.
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