Business News
Siemens bids for bigger stake in India offshoot
Jan 31, 2011, 10:59 GMT
Munich - Siemens is bidding about 1 billion euros (1.36 billion dollars) to expand its shareholding in Siemens Ltd, its Indian offshoot, the German multinational said Monday in Munich.
Siemens Ltd has an Indian stock exchange listing. The German company currently owns about 55 per cent of it. If sufficient Indian shareholders accept the bid, with runs till April, the German stake will rise to 75 per cent.
The company said the move increases Siemens' commitment to India. Last year Siemens Ltd had about 2 billion dollars in sales and operating profits of nearly 270 million dollars.
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