Siemens Ltd, the public listed Indian arm of the German conglomerate, is selling two of its businesses—Postal and Parcel Logistics Technologies and Airport Logistics Technologies—to its parent for around Rs 122.8 crore ($20.17 million), as per a stock market disclosure. The units are to be acquired by Siemens Airport Logistics Technologies Pvt Ltd, a wholly owned subsidiary of Siemens AG, Germany.
Siemens Ltd, in which Siemens AG holds 75 per cent stake, is the flagship listed company of the German firm in India. It generated revenues of Rs 12,920 crore for the year ended September 30, 2012.
In 2009, Siemens had transferred its IT subsidiary—Siemens Information Systems—to Siemens AG for Rs 449 crore.
The firm has also re-elected Deepak S Parekh as the chairman of the board for three more years and appointed Mariel von Drathen as director.
(Edited by Joby Puthuparampil Johnson)