Siemens to sell Large Drives Application business to Siemens Large Drive India for ₹440 crore

Large Drives Applications business brought in revenue of ₹4,43.7 crore during fiscal 2020-21

The board of directors of Siemens Limited has approved the sale and transfer of its Large Drives Applications (LDA) business to Siemens Large Drives India Private Ltd. for a valuation of ₹440 crore, said the company on Friday in a statement.

``The board of directors of Siemens Limited has approved the sale and transfer of its Large Drives Applications (LDA) business to Siemens Large Drives India Private Ltd. (a subsidiary of Siemens Large Drives GmbH, which in turn is a subsidiary of Siemens AG) with effect from July 1, 2022,’‘ it said.

Large Drives Applications business within Siemens brought in revenue of ₹443.7 crore during fiscal 2020-21 and an operating profit of ₹25.1 crore. In FY’21, the LDA business contributed revenues and profit at 3.4% and 2.0%, respectively, to Siemens Limited, the company said.