Mumbai/New Delhi, May 6: Siemens Ltd is increasing its stake to 100 per cent in Siemens Information Systems Ltd (SISL). It is acquiring Siemens Nixdorf Informationsysteme GmbH’s 25.2 per cent stake in the company for a total consideration of Rs 80 crore.
Following the acquisition, SISL will become a wholly-owned subsidiary of Siemens Ltd. Earlier, Siemens Ltd held 74.8 per cent and Siemens Nixdorf 25.2 per cent equity in the joint venture firm.
According to Juergen Schubert, managing director of Siemens Ltd: “We, naturally, first considered investing back into our own operations. This also follows our strategy to complete and strengthen our portfolio. For instance, while we recently invested in Siemens Building Technologies, we have divested our stake in the metering business.”
Headquartered in Mumbai, SISL has positioned itself in the areas of IT services, business consulting and management consulting with focus on verticals like healthcare, telecom, medical, transportation, automotive, utilities and media.
Meanwhile, Siemens today declared its half-yearly results for the year ended March 31, 2003. Net profit for the period rose to Rs 70.4 crore compared with Rs 45.6 crore in the corresponding period last year. Turnover rose by 13 per cent to Rs 688.2 crore as against Rs 611.2 crore last year.
Calcutta expansion plan
The government today approved Siemens’ plan to expand its production base in Calcutta to produce telecom equipment.
Apart from this, the government also cleared foreign direct investment proposals worth Rs 63.41 crore, including the Rs 50-crore proposed investment by Dutch company BHP Billiton in share transfer deal for carrying out wholesale trading in the country.
Another proposal from Japanese auto maker Honda Motor Company to manufacture scooter components was cleared too. French cement major Lafarge’s proposal for stock and sale of imported goods on a cash and carry wholesale/bulk basis, providing logistic and after sales services has also been approved.