L&T signs Rs.14000 crore agreement with Schneider
Engineering and Construction Leader, Larsen & Turbo has signed a definitive agreement with Schneider Electric aimed at strategic divestment of its electrical and automation (E&A) business for an all-cash deal of Rs 14,000 crore.
While the deal is subjected to regulatory approvals, the firm has reported a net revenue of Rs. 5,038 crore in last fiscal.
Management has said that divestment of E&A business is in-line with L&T’s intent of unlocking value within the existing business portfolio and will fabricate capital and management focus for creating long-term value for stakeholders.
The proposed transaction has incorporated all current segments of E&A excluding marine switchgear and Servowatch Systems.
AM Naik, Group Chairman, Larsen & Toubro sai...