After nearly six years of delisting, Schneider Electric is reportedly preparing to relist its Indian subsidiary on the Metropolitan Stock Exchange of India (MSEI). This move follows a directive from the capital market regulator, Sebi, according to reports.
Earlier this year, Securities Appellate Tribunal (SAT) accepted withdrawal application of the French multinational company and directed them to comply with Sebi’s order to either re-list or de-list within six months. The company had then informed exchanges that it would opt to re-list.
The Schneider Electric case was a second such instance in 2019, wherein shareholders and regional stock exchange (RSE) moved to SAT following ‘poor’ treatment of their complaint by Sebi. Post this, Sebi asked Schneider to either list on exchanges or give an exit opportunity to existing shareholders.
Schneider shares were listed on Bangalore and Pune stock exchange that subsequently closed down after shareholders argued that Sebi order mandated that for excursively listed companies on RSEs to seek listing on national level stock exchanges.
Schneider Electric focuses on building automation and security, installation systems and control, power monitoring and control, critical power, and cooling services for electrical energy water, mariner, oil and gas, mine mineral and metal, construction sector.
The company has 30 active factories in India. Among these, five smart factories are located at Hyderabad, Bengaluru, and Chennai.
In October, Schneider’s Indian arm said that it aims to broaden its battery manufacturing scope, focusing on advancements in battery technologies and chemistries. Moreover, they are actively researching future battery technologies and evaluating most suitable options, both in terms of segment and chemistry.
About Schneider Electric
Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.
Our mission is to be your digital partner for Sustainability and Efficiency.
We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.