Siemens sells mechanical drives business to Siemens AG subsidiary

Siemens’ board of directors have approved to sell the company's mechanical drives (MD) business to Flender Drives Private Limited, a subsidiary of Flender GmbH, which in turn is a subsidiary of Siemens AG.
 

“The Board of Directors of Siemens Limited has approved the sale and transfer of its Mechanical Drives (MD) business for a consideration of Rs 440 crore,” the company said.
 

In a late evening statement on Wednesday, the company said the transaction is on a slump sale basis, with effect from January next year, subject to receipt of requisite statutory approvals.
 

Sunil Mathur, managing director and chief executive