| While Siemens has initially acquired a 51per cent stake in the company, the balance stake would be purchased in a phases. Pimac is into maintenance and servicing of gas turbines and a range of industrial applications. |
| The company also said that Demag Delaval Industrial Turbomachinery Pvt Ltd, which was globally acquired by Siemens from Alstom, has now become a 100 per cent subsidiary with Siemens buying out the entire equity in the company for Rs 35 crore. Demag is into industrial turbines business with a capacity of 150 mw. |
| The company also announced that Siemens VDO Automotive, the Rs 100 crore Bangalore based subsidiary of the company, has been merged with Siemens Ltd. The unit manufactures and markers automotive electrical instruments. |
| The move is a part of the German major's decision, announced in the year 2002, to invest $500 million in India. |
| J Schubert, managing director of Siemens said in a media conference in Mumbai, "These strategic investments are aimed at enhancing our portfolio offerings. Our investment-led growth plan entails growth organically as well as growth through acquisitions. We are aiming at growing faster than the market." |
| India, according to Schubert, has been recognised by parent Siemens AG as 'strategic pillar' in the Asia Pacific region along with China. "Siemens India will play a much larger role in the region and also the global network," he added. |
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