In a step to address the fast-growing demand for electric vehicle (EV) charging infrastructure in India, Siemens signed an agreement to acquire the EV division of Mass-Tech Controls Private Limited, based in Mumbai. The division is 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. Closing of the acquisition is subject to fulfilment of condition precedents as agreed between the parties and receipt of requisite regulatory, statutory and other approvals. Post the acquisition, the EV division of Mass-Tech Controls will be fully integrated into the e-mobility business unit of the Smart Infrastructure business of Siemens.
While Siemens is active globally in the e-mobility infrastructure space for more than a decade, the 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. This acquisition will enable the company to address the rapidly growing Indian e-mobility market by complementing its global portfolio. The enhanced portfolio will enable Siemens to meet market requirements such as homologation and local value-add with cost-competitive solutions.