Siemens buy remaining 26 pc in SITC for Rs 3.35 cr

MUMBAI: Industry and infrastructure solutions provider Siemens Ltd on Wednesday said it has picked up the remaining 26 per cent stake in Bangalore-based Siemens Industrial Turbomachinery Services (SITS) from Pimac Engineers for a consideration of Rs 3.35 crore.

"With signing of the closing agreement, Siemens has also completed the acquisition of SITS, which is now a 100 per cent subsidiary of Siemens Ltd," Siemens said in a release here.

SITS is engaged into overhauling, maintenance and servicing of gas turbines. For the year ended September, 2006, it had clocked Rs 13.7 crore revenue. It has 36 employees.

Siemens had acquired 51 per cent stake in SITS in April 2005 from Pimac Engineers and thereafter in September 2006 it raised its holding to 74 per cent.

"We have bought the remaining 26 per cent stake in SITS for a consideration amount of Rs 3.35 crore. This comprises 23,660 equity shares of Rs 100 each," a company official said.

"With SITS now becoming 100 per cent subsidiary of Siemens, we are now in a better position to offer complete solutions in the small gas turbine segment. It enhances our offerings in the power generation sector and further strengthens our position as an integrated provider of products, systems and services in the fast growing segment," Siemens' Managing Director Juergen Schubert said.