Munich, Jan 31 (DPA) Siemens is bidding $1.36 billion to expand its shareholding in Siemens Ltd, its Indian offshoot, the German multinational said Monday in Munich.
Siemens Ltd has an Indian stock exchange listing. The German company currently owns about 55 percent of it. If sufficient Indian shareholders accept the bid, which runs till April, the German stake will rise to 75 percent.
The company said the move increases Siemens’ commitment to India. Last year Siemens Ltd had about $2 billion in sales and operating profits of nearly $270 million.
