Siemens last week announced its plan to sell the mechanical drives (MD) business to a subsidiary of the parent firm. The decision has attracted criticism from both analysts and proxy advisory firms. “Siemens India short-changing minority shareholders again.
The slump sale of the mechanical drives business at Rs 440 crore,” stated a tweet by Ingovern, a proxy advisory firm, on Monday. Last week, Siemens said its board had approved the sale of its MD business to Flender Drives, a subsidiary of Flender GmbH, which, in turn, is a subsidiary of Siemens AG. The deal was ...
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