Siemens is set to acquire the EV division of Mass-Tech Controls, a Mumbai-based company. This strategic move aims to capitalize on the rapidly expanding electric vehicle (EV) market in India, providing Siemens with an opportunity to enhance its services in this sector.
With an investment of approximately €4.3 million, Siemens is demonstrating its commitment to the Indian charging infrastructure provider. Mass-Tech Controls specializes in the development, design, and manufacturing of a wide range of AC and DC charging columns, catering to electric vehicles with outputs ranging from 30 to 300 kW.
Markus Mildner, the CEO of eMobility at Siemens Smart Infrastructure, emphasizes the significance of the Indian e-mobility infrastructure market due to its immense growth potential. By incorporating Mass-Tech Controls’ offerings into its portfolio, Siemens aims to meet market demands, including homologation and local value-add, by providing cost-competitive solutions. This acquisition empowers Siemens to address customers’ needs more effectively by offering locally designed and produced products.
India’s commitment to electric mobility is evident through its substantial investments in this sector. Recently, the country allocated approximately €90 million from the FAME II (Faster Adoption And Manufacturing of Hybrid & Electric Vehicles) funding to develop a robust fast-charging network. These funds will be utilized by the country’s main oil companies to establish numerous new DC charging points, expected to be operational by March 2024.
The FAME subsidy scheme, launched in 2015, aims to promote the adoption of electric and hybrid vehicles across all vehicle types, irrespective of whether they are two-wheelers, three-wheelers, four-wheelers, or even buses for public transportation. This comprehensive approach signifies India’s commitment to sustainable transportation and reducing carbon emissions.
It’s important to note that the completion of this acquisition is contingent upon regulatory and statutory approvals. Once finalized, Mass-Tech Controls’ EV business will become an integral part of Siemens Limited’s Smart Infrastructure Business, specifically the eMobility Business Unit.
