Siemens to acquire Chennai based iMetrex.

April 28th, 2007

Siemens has decided to acquire 77 per cent stake in iMetrex Technologies, a solution provider in areas such as electronic security, safety and building automation systems.

The deal consideration is kept under wraps. Siemens will also have the option to acquire the balance stake in the next five years. Brothers Anand Mecheri and Rajeev Mecheri are the co-founders of iMetrex. IL&FS, which had come in as an investor in the company, had quit by selling its 22 per cent stake to Siemens.

Addressing a press conference here on Wednesday, Johannes Milde, Group Executive Vice-President and Member of the Executive Board of Siemens, said his company had also decided to integrate the Siemens’s building technologies (SBT) business into the newly acquired iMetrex. The merged new entity would be a subsidiary of Siemens, he added. Mr. Anand Mecheri, who is currently the Executive Chairman of iMetrex, would head the new entity. IMetrex has over 600 people across the globe. Source: Hindu