Siemens to spin off Comm Enterprise division
Siemens Ltd will sell off its communications enterprise networks division (COM EN) to a wholly-owned subsidiary of the company's German parent Siemens AG for a total consideration of Rs 58 crore.
By PTI |
MUMBAI: Siemens Ltd will sell off its communications enterprise networks division (COM EN) to a wholly-owned subsidiary of the company's German parent Siemens AG for a total consideration of Rs 58 crore.
The decision to sell the division as a "going-concern" has been approved by the Board of Directors, subject to the approval of the shareholders by postal ballot, Siemens informed the BSE.
As approved by the Special Committee of Directors constituted for the purpose at the meeting held on Friday, the necessary documents with regard to the postal ballot have been sent to the shareholders in due course.
Till the transfer of the division to Siemens Enterprise Communications Pvt Ltd, the communications enterprise networks business would continue to be a part of the company, it added.
Earlier in November 2006, Siemens had said it was planning to sell its subsidiary Public Communication Networks Pvt Ltd to Nokia Siemens Networks India, a 50:50 joint venture between Nokia and Siemens.
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