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Siemens completes acquisition of stake in Flender

CHENNAI: Siemens has completed the acquisition of a 50 per cent stake in Flender Ltd. for Rs. 67.80 crore. With the signing of the closing agreement, Flender is now a Siemens company along with its manufacturing unit located at Kharagpur, West Bengal. Siemens has acquired a 50 per cent stake in Flender from Babcock Borsig Limited. Flender was a joint venture between Babcock Borsig and Flender AG, which was globally acquired by Siemens AG in August 2005.

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