Business

L and T divests E and A business to Schneider Electric for Rs 14,000 crore

Larsen & Toubro (L&T) on Monday announced the closure of the strategic divestment of its Electrical and Automation (L&T E&A) business to Schneider Electric, a global player in energy management and automation for Rs 14,000 crore.

migrator

New Delhi

The significant and complex divestment deal, one of its kind in India announced in May 2018 has been completed after receiving the requisite regulatory approvals and fulfilment of necessary conditions. The deal for Rs 14000 crore or almost $ 2 billion has come during the present tough conditions surrounding COVID-19 pandemic. A statement said the divestment is in line with L&T’s stated goal of unlocking value for future growth. Its exit from the E&A business is a part of the strategic portfolio review process.

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