INSUBCONTINENT EXCLUSIVE:
Authors: TheIndianSubcontinent News AgencyNEW DELHI: Engineering and construction major Larsen Toubro on Tuesday signed a definitive
agreement with Schneider Electric for strategic divestment of its electrical and automation (EA) business for an all-cash deal of Rs 14,000
crore.
The said business reported net revenue of Rs 5,038 crore in FY17
the existing business portfolio to streamline and lay capital and management focus on creating long-term value for our stakeholders, said
CEO and MD S N Subrahmanyan.
The transaction includes all the current business segments of EA except marine switchgear and Servowatch
Systems, Subrahmanyan said.
Schneider Electric is a global player in energy management and automation business.
The EA business of LT deals
in manufacturing of low and medium voltage switchgear, electrical systems, marine switchgear, industrial and building automation solutions,
continue its growth trajectory with outstanding technologies, brands, people and global presence
We believe that the partnership with Schneider Electric, which has a strong product and geographic presence, would further enhance the
facilities in Navi Mumbai, Ahmednagar, Vadodara, Coimbatore and Mysore in India as well as in Saudi Arabia, the UAE (Jebel Ali, Dubai),
Kuwait, Malaysia, Indonesia, and the UK.
