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NT Bureau
Chennai, Sept 14:

        Siemens Ltd has acquired the balance 26 per cent stake in Siemens Industrial Turbomachinery Services Pvt Ltd (SITS) from Pimac Engineers Pvt Ltd.

        With the signing of closing agreement, Siemens has also completed the acquisition of SITS which is now its wholly owned subsidiary. The company had earlier bought a 51 per cent stake in April 2005 and thereafter acquired another 23 per cent stake from Pimac Engineers in September 2006, raising its holding to 74 per cent. Now, with the acquisition of the remaining 26 per cent stake, SITS has become a subsidiary firm of Siemens Ltd.

        SITS is one of the leading players in the field of overhauling, maintenance and servicing of gas turbines with revenues of Rs 13.7 crore for the year ended September 2006 and an employee strength of around 36 at its Bangalore office. Commenting on the acquisition, Juergen Schubert, managing director, Siemens Ltd, said with SITS becoming a subsidiary of the company, 'we are now in a better position to offer complete solutions in the gas turbine projects.