German conglomerate Siemens Aktiengesellschaft on Tuesday sold shares worth over ₹8,500 crore in its listed Indian subsidiary Siemens Ltd, amounting to about 24 per cent stake, to another group firm Siemens Gas and Power Holding BV.
Joe Kaeser, President & CEO of Siemens talked about plans for India, back in the month of October 2019, and how the company would lower corporate tax rate to ensure more investment in India, US and China, according to the sources.
It seems like his word back then has been implemented now. Siemens Aktiengesellschaft is the parent company of Siemens Ltd, which is listed in India.
In India, the gas and power business would continue to be a part of the listed company Siemens. “The Gas and Power segment in India with its diversified offerings is a significant part of Siemens Limited, India,” the company said. According to a source, Spark Capital said that it has a “structurally positive outlook” on Siemens India in its gas and power segment, though muted spend in the domestic transmission market is a concern, growth from the industrial steam turbine segment should partially aid growth. The brokerage also sees growth in its digital industries, smart infrastructure, and mobility segment.
Also, the overall holding of the parent group remained unchanged at 75%, according to ET.