 "The Siemens logo is seen on a building in Siemensstadt in Berlin, Germany")
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
