Siemens Limited has made a sale and transfer of the low voltage motors and geared motors businesses, including the related customer service operations, to Innomotics India Private Limited, as a going concern by way of a slump sale, for a consideration (enterprise value) of ₹2,200 crore, on a cash-free, debt-free basis.

Khaitan & Co advised Siemens on this transaction. The Firm advised on the entire transaction including transaction structuring; preparation, negotiation and finalisation of the slump sale agreement and other transaction documents; and regulatory and listed company aspects.

The core transaction team was led by Niren Patel (Partner), and consisted of Arindam Ghosh (Partner), Shashank Patil (Counsel), Aman Bagaria (Senior Associate), and Vinita Jagtiani (Associate), with assistance from the following:

Employment law aspects: Anshul Prakash (Partner) and Abhisek Choudhury (Principal Associate);

Competition law aspects: Anshuman Sakle (Partner), Anisha Chand (Partner), Tanveer Verma (Principal Associate), Yatharth Vardhan Singh (Senior Associate) and Shubhanshu Jain (Associate);

Direct tax aspects: Rahul Jain (Partner);

W&I insurance aspects: Harsh Khemka (Partner).

Innomotics India is a private subsidiary of a global company, Innomotics, specializing in electric motors and large drive systems.

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