Siemens Finishes SITS Acquisition

Mumbai: Siemens Ltd on Sept 12, said it had finished the acquisition of Siemens Industrial Turbomachinery Services Pvt Ltd (SITS) from Pimac Engineers Pvt. Ltd. Siemens had bought 51 per cent stake in April 2005 and then an additional 23 per cent from Pimac Engineers in September, 2006. The balance 26 per cent stake in SITS was acquired on Sept 7. Bangalore-based SITS is a leading player in the area of overhauling, maintenance and servicing of gas turbines with revenues of around Rs 13.7 crore for the year ended September 2006. Siemens Ltd, said, they are now in a better position to offer complete solutions in the small gas turbine segment. This business enhances its offerings in the power generation sector and further strengthens our position as an integrated provider of products, systems and services in this fast growing segment.