Siemens Ltd on Saturday said that Siemens VAI Metals Technologies and Morgan Construction Company India would be amalgamated with itself.
The Siemens Board decided the merger of the operations of Siemens VAI Metals Technologies, Kolkata (SVAI), a 100 per cent Siemens AG subsidiary, and Morgan Construction Company, Mumbai, (a 100 per cent subsidiary of SVAI). The appointed date of the amalgamation is October 1, 2011.
Share swap ratio
The share swap ratio for the proposed amalgamation is 1,318 equity shares of the face value of Rs 2 each fully paid up of the company for every 100 equity shares of the face value of Rs 100 fully paid-up of SVAI.
The proposed amalgamation is subject to the approvals of the shareholders and creditors of the companies, besides statutory and regulatory approvals.
Dr Armin Bruck, Managing Director, Siemens Ltd, said, “The amalgamation is part of an ongoing consolidation strategy. Siemens Ltd constantly seeks opportunities to deliver sustainable growth and add investor value by consolidating the Siemens Group businesses based on operational synergies.”
Mr Werner Auer, CEO of Siemens VAI, said the integration helps Metals Technologies to improve its footprint as a local manufacturer and supplier for Indian steel plants.
Siemens VAI can offer engineering, mechanic and automation solutions as well as lifecycle services for Indian producers from one single source.