SIEMENS LTD. - Outcome of Board Meeting

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SIEMENS LTD. - Outcome of Board Meeting

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08 Aug 2014
Siemens Ltd has informed BSE that the Company vide its letter dated June 03, 2014 had informed the Stock Exchanges that Siemens AG, Germany ("SAG") has entered into an agreement with Mitsubishi-Hitachi Metals Machinery, lnc.("MHMMI"), and Mitsubishi Heavy Industries ("MHI") for setting up a joint venture to operate in the business of metallurgical industry as a complete provider of plant, products and services for the iron, steel and aluminium industry and that the Board of Directors of the Company at its meeting held on June 03, 2014, has agreed in principle to transfer the Metals Technologies business of the Company to a designated entity subject to such terms and conditions as may be decided later on.<br/><br/>Further the Company has informed that, the Board of Directors at its Meeting held on August 07, 2014 approved in principle the sale and transfer of the Metals Technologies business excluding service portion of electrics and automation business ("MT Business") of the Company to 'Siemens Postal and Parcel Logistics Technologies Private Limited' (proposed to be renamed), a 100% subsidiary of Siemens AG, Germany with effect from the close of business hours on September 30, 2014. Further, the Board delegated the matter of determination of consideration for the aforementioned transaction to a Committee of Directors, and authorised the Committee to do all things and to take all necessary actions/steps that may be required for the said transaction.<br/><br/>The aforesaid Committee of the Board of Directors at its Meeting held on August 08, 2014, inter-alia, determined the consideration for the sale and transfer of the MT Business at INR 8,572 Million.<br/><br/>The proposed sale and transfer of the MT Business of the Company is subject to the approval of the shareholders, by way of a Postal Ballot (wherein Siemens AG, Germany and its subsidiary Siemens VAI Metals Technologies GmbH shall not vote on the Resolution) and all other requisite approvals from statutory and regulatory authorities.
View all announcements for SIEMENS LTD.	Source: BSE India

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