India’s Siemens to sell unit to joint venture with Nokia

India’s Siemens Ltd. (SIEM.BO: Quote, Profile, Research) said on Thursday it would sell its 100 percent stake in Siemens Public Communication Networks Pvt Ltd. to Nokia (NYSE: NOK) Siemens Networks India Pvt Ltd., an equal joint venture with Nokia (NOK1V.HE: Quote, Profile, Research).

Siemens Ltd., a unit of Germany’s Siemens AG (SIEGn.DE: Quote, Profile, Research), said the decision followed a deal to merge the networks business group of Nokia and Siemens’ carrier related operations for fixed and mobile networks worldwide.

Separately, the Indian company’s board approved the sale or transfer of the enterprise network division to a 100 percent subsidiary to be set up by Siemens in India. The transaction would be effective from April 2007.

Source: Reuters

Makes logical sense, now that Nokia and Siemens joined all other sub companies should go along with the merger as well.