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Board of Siemens approves sale and transfer of SLWP Business

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Capital Market

At meeting held on 05 December 2016

Siemens announced that the Board of Directors of the Company at its meeting held on 05 December 2016 has approved the sale and transfer of the Company's business of engineering, design and development services for global wind power business (hereinafter referred to as SLWP Business) to a subsidiary (to be incorporated) of Siemens Wind HoldCo Sociedad Limitada (SA), Spain, which in turn is a subsidiary of Siemens AG, Germany (SAG), as going concern on a slump sale basis with effect from 01 January 2017 for a cash consideration of Rs 7.5 crore. The said transaction is subject to requisite approvals from statutory and regulatory approvals.

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First Published: Dec 05 2016 | 3:07 PM IST

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