Schneider Electric on Wednesday said it will acquire the remaining 35% stake of Schneider Electric India from Temasek for a cash consideration of 5.5 billion euros.
The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals such as from the Competition Commission of India, and is expected to close in the coming quarters, Schneider Electric said in a statement.
Schneider Electric said it has signed an agreement to acquire the remaining 35% stake of Schneider Electric India Private Limited (SEIPL) from Temasek to reach full ownership.
Under the terms of the transaction, Schneider Electric will acquire the remaining 35% of SEIPL for an all-cash consideration of 5.5 billion euros, the company said.
Olivier Blum, CEO of Schneider Electric commented: "India is one of the key focus markets of Schneider Electric for the years to come and I am very excited by the prospect to capture the full growth potential of this unique opportunity we have in the country and also to leverage our exceptional talents in R&D, Digital and supply-chain in India to support our operations in the region and beyond." The company looks forward to further implementing our multi-hub strategy in India, capitalising on more than 60 years of impactful presence and by driving world-class product development, research, and industrial capabilities to support the various government initiatives and vision of 'Atmanirbhar Bharat' driving growth in years to come, he said.
