25 January 2020 announced the acquisition of 99.22% stake in C&S; Electric Ltd at an EV of INR21b. C&S; Electric is engaged in the business of low-voltage/medium- voltage switchgears, busbars, diesel gensets, solar and EPC; the company has been in the Indian market for over 50 years. Electric, such as MV switchgears and package sub-station, lighting, diesel generating sets, EPC and the Etacom busbars will be retained by the In FY19, the company clocked revenue of INR12.4b. EBITDA stood at INR1.2b with EBITDA margin at 9.5%. Adjusted PAT stood at INR527m, while reported PAT at INR329m was due to impairment of INR197m. Net D/E stood at 0.4x as the company had gross debt of INR2.1b; RoE/RoCE ratio stood at 10.3%/9.7%. However, as Siemens is acquiring C&S; Electrics product business, the financial profile of the acquired portfolio could be different than that of the entire company.