Siemens, a leading technology enabled solutions provider, today announced that Siemens AG, Germany, has entered into an agreement with Mitsubishi-Hitachi Metals Machinery and Mitsubishi Heavy Industries for setting up a joint venture.

The joint venture company will operate in the business of metallurgical industry as a complete provider of plant, products and services for the iron, steel and aluminium industry.

Pursuant to this, the board of directors has agreed in principle to transfer the metals technologies business of the company to a designated entity subject to such terms and conditions as may be decided later on.

Shares of the company gained Rs 8.15, or 0.87%, to trade at Rs 946.75. The total volume of shares traded was 2,335 at the BSE (9.30 a.m., Wednesday).