Siemens approves demerger of energy biz

New Delhi: Siemens Ltd board has approved the incorporation of a wholly-owned subsidiary in India to execute a proposed demerger process of its energy business, the company said in a regulatory filing Monday.

Certain promoters -- namely Siemens Aktiengesellschaft, Germany, Siemens International Holding BV and Siemens Energy Holding BV, and also its ultimate parent company Siemens Energy Aktiengesellschaft -- have each requested the board of directors (BoD) of the Siemens Ltd to consider, evaluate and thereafter, start taking exploratory steps towards a potential demerger of its energy business into a separate entity, the BSE filing said.