MUMBAI (Reuters) - India's Siemens Ltd. on Monday said Siemens VDO Automotive Division has been prized at 1.7 billion rupees for the purpose of auction to another group company Siemens VDO Automotive Components Pvt. Ltd.

The reassign would take place on October 4, it said in a statement.
The company is also transferring Siemens Building Technologies Division to its auxiliary iMetrex Technologies Pvt. Ltd., at book value, on October 1.
In April, the company had acquired 77 percent venture in iMetrex for an unrevealed amount.

Siemens, which makes power tools, reported a 45 percent increase in net profit for April-June, while net sales rose 73 percent to 18.2 billion rupees.
Shares of Siemens closed downward 1.56 percent at 1,322.15 rupees in the Mumbai market.