The Board of Directors of Siemens Limited has approved the sale and transfer of its healthcare undertaking, as a going concern on a slump sale basis, for a sale consideration of Rs 3050 crore to Siemens Healthcare Private Limited, a subsidiary of Siemens AG. The transaction is subject to requisite regulatory, statutory and shareholder approvals.
Sunil Mathur, managing director and chief executive officer, Siemens Limited, said, “This transaction, follows Siemens AG’s global strategy of managing its healthcare business under a separately-managed company. Over 85 percent of Siemens Ltd Healthcare revenues are currently derived from products imported from Siemens AG. Significant management focus, including investments will be needed in finding appropriate products and solutions to meet the growing demands of the Indian market.”
He added, “As there are limited synergies between the healthcare and other businesses of Siemens Ltd, this transaction will enable Siemens Ltd to increase its focus on, and capital allocation to power generation, transmission and distribution, mobility, industrial automation and smart cities segments while enabling Siemens AG to further strengthen its focus on the healthcare segment in India, by aligning it with its global strategy and management framework.”
Sunil Mathur, managing director and chief executive officer, Siemens Limited, said, “This transaction, follows Siemens AG’s global strategy of managing its healthcare business under a separately-managed company. Over 85 percent of Siemens Ltd Healthcare revenues are currently derived from products imported from Siemens AG. Significant management focus, including investments will be needed in finding appropriate products and solutions to meet the growing demands of the Indian market.”
He added, “As there are limited synergies between the healthcare and other businesses of Siemens Ltd, this transaction will enable Siemens Ltd to increase its focus on, and capital allocation to power generation, transmission and distribution, mobility, industrial automation and smart cities segments while enabling Siemens AG to further strengthen its focus on the healthcare segment in India, by aligning it with its global strategy and management framework.”
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