Siemens’ arm to operate in the business of metallurgical industry

Siemens’ arm - Siemens AG, Germany has entered into an agreement with Mitsubishi-Hitachi Metals Machinery, Inc., and Mitsubishi Heavy Industries for setting up a joint venture (JV) to operate in the business of metallurgical industry as a complete provider of plant, products and services for the iron, steel and aluminium industry. Pursuant to this, the board of directors at its meeting held on June 03, 2014, has agreed in principle to transfer the Metals Technologies business of the company to a designated entity subject to such terms and conditions as may be decided later on. Siemens is the flagship listed company of Siemens AG in India and is a major player in the electronics and electrical engineering business. Germany’s Siemens AG holds a 75 per cent stake in the company.