Siemens buys Indian EV infrastructure provider
Siemens is acquiring the EV division of Mumbai-based Mass-Tech Controls. The company is hoping to better service the growing EV market there.
Siemens is investing around €4.3 million in the Indian charging infrastructure provider. The latter develops, designs and manufactures a wide range of AC and DC charging columns with outputs from 30 to 300 kW for electric vehicles.
“The fast-evolving e-mobility infrastructure market in India is important for Siemens due to its high growth potential. The enhanced portfolio will enable Siemens to meet market requirements such as homologation and local value-add with cost-competitive solutions”, says Markus Mildner, CEO of eMobility at Siemens Smart Infrastructure. “With this acquisition, we now have a strong platform to address our customers’ needs with locally designed and produced products.”
India is investing heavily in electric mobility. The country recently earmarked around €90 million from the FAME II funding for the country’s fast-charging network. Money that will go to the country’s three main oil companies to set up thousands of new DC charging points, expected to go online by March 2024.
The Faster Adoption And Manufacturing of Hybrid & Electric Vehicles (FAME) subsidy scheme was launched in 2015 to push the adoption of electric and hybrid vehicles across all vehicle types, no matter if they are two-, three-, or four-wheelers or even buses destined for public transport.
The deal is still subject to regulatory and statutory approval. Once the acquisition is completed, Mass-Tech Controls’ EV business will be part of the eMobility Business Unit of Siemens Limited’s Smart Infrastructure Business.