According to reports, the Competition Commission has approved the proposed amalgamation of wind mill equipment maker Winergy Drive Systems India with diversified entity Siemens Ltd, saying the combination does not give rise to anti-competitive concerns.
The proposed merger was approved by the boards of Siemens and Winergy in August.
Approving the deal, Competition Commission of India in a order on September 13 said that based on the facts on record and the details provided in the notice, “the proposed combination is not likely to give rise to any adverse competition concern in India”.
A listed company, Siemens Ltd is engaged in diverse segments including automation production and systems, medical equipment and rail automation.
Siemens AG, Germany holds 75 percent stake in the company while the remaining shares are with the public.
Winergy is into manufacturing and assembly of wind mill gearboxes, among others. The 100 percent share capital of the entity is held by Germany-based Winergy AG — which is in turn fully owned by Siemens AG through various companies.
Post deal, the ultimate control over the business activities of Siemens and WinEnergy would remain with Siemens AG, Germany, according to the order.
The CCI received a notice jointly from the two companies seeking approval on August 13.
In a filing to the BSE on August 10, Siemens had said its board approved the amalgamation of Winergy with itself.
For every 72 equity shares held in Winergy, the shareholder would get one equity share of Siemens, as per the filing.