A ₹2,200-crore slump sale of Siemens' low voltage motor business to Innomotics India has been approved by the board.

On Monday, December 8, the technology company Siemens Ltd. announced that its board of directors had approved and executed a slump sale agreement for the transfer of its geared motors and low voltage motors business to Innomotics India Private Limited, a subsidiary of Innomotics GmbH, for a cash consideration (enterprise value) of ₹2,200 crore on a cash-free, debt-free basis, subject to mutually agreed adjustments. The Committee of Directors and the Audit Committee's suggestions were followed in the execution of the agreement. The deal is contingent to the satisfaction of precedent-setting customary conditions and the acquisition of legislative and regulatory approvals, including approval