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HomeUncategorizedSiemens seeks shareholders' nod to hive off healthcare arm

Siemens seeks shareholders’ nod to hive off healthcare arm

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German conglomerate Siemens today sought shareholders’ approval on the proposed sale and transfer of its healthcare undertaking in the country to its subsidiary Siemens Healthcare for a consideration of Rs 3,050 crore.

healthcare arm-AV“…Siemens Ltd proposes to sell and transfer its Healthcare Undertaking as a ‘going concern’ and by way of a slump sale to Siemens Healthcare Pvt Ltd, a subsidiary of Siemens Aktiengesellschaft, Germany with effect from July 1, 2016 for a lumpsum consideration of Rs 3,050 crore,” the company said in a postal ballot notice to shareholders.

“Accordingly, the proposed ordinary resolution and the statement setting out material facts thereof are being sent to you along with a Postal Ballot Form for your consideration,” it added.

The transaction will enable Siemens to increase its focus on, and capital allocation to power generation, transmission and distribution, mobility, industrial automation and smart cities segments in the country, Siemens India Managing Director and CEO Sunil Mathur has earlier said in a note.

He said the deal enables Siemens AG to further strengthen its focus on the healthcare segment here by aligning it with its global strategy and management framework.

The proposed transaction, recommended by the audit committee, is based on the valuation undertaken by two independent valuers – Deloitte Touche Tohmatsu India and KPMG India.

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