Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Siemens says it will take bigger stake in Indian unit

FRANKFURT, Jan 31, 2011 – The German industrial group Siemens said on Monday that it planned to raise its stake in its Indian-listed subsidiary from 55 percent to 75 percent at a cost of around one billion euros ($1.36 billion).

Siemens said it would offer shareholders 930 rupees (14.85 euros, $20.24) per share, a premium of 28 percent above their closing price on Friday and 20 percent more than the minimum required by Indian law, a statement said.

"In the case of full acceptance of the offer, the investment will total roughly one billion euros," it added.

The German group said its offer was expected to run from March 25 to April 13 and explained that it had decided to increase the holding "with the aim of further developing its business in India."

Siemens Ltd. employs 7,500 people in India and posted annual sales of 1.5 billion euros, a small fraction of the group\’s total of 76 billion.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...