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Siemens (Pakistan) Engineering Co. Ltd has announced the approval of the sale of its Energy Business Segment to Siemens Gamesa Renewable Energy (Private) Limited, a non-affiliated entity within the Siemens Energy Group. The transaction is valued at approximately Rs. 17.82 billion, with a valuation date of March 31st, 2024.
The net book value of the Energy Business at the valuation date was about Rs. 17.61 billion. The final cash received and any gain or loss will be based on the net value at the closure date.
The completion of the transaction depends on the necessary approvals from shareholders and regulatory bodies. Siemens Pakistan intends to use the funds from this sale to enhance its fundamental operations and seek new avenues for growth.
This strategic decision is in line with Siemens AG’s worldwide restructuring initiatives, which followed the 2020 separation of its energy division, and aims to improve operational efficiency while concentrating on essential strengths.
Siemens Pakistan, established in 1953, has been a major participant in the production, installation, and sale of electronic and electrical capital products, as well as project execution under contract. The firm engages in many business categories, including electricity and gas, power generation services, energy management, digital factories, process industries and drives, and mobility.
