Engineering and construction conglomerate Larsen and Toubro (L&T) on Tuesday signed a deal with French multinational Schneider Electric to sell its electrical and automation (E&A) business to the latter for Rs 14,000 crore ($2.1 billion).
As per a L&T articulation here, the exchange would be an all-money bargain, without plan of action to credits.
“Larsen and Toubro today marked, subject to administrative endorsements, conclusive concurrences with Schneider Electric for key divestment of its electrical and mechanization (E&A) business for an all-money thought of Rs 14,000 crore,” the announcement said.
The electrical and robotization business of the organization incorporates low and medium voltage switchgear, electrical frameworks, marine switchgear, modern and building computerization arrangements, vitality administration frameworks and metering arrangements, it said.
Be that as it may, the exchange does exclude marine switchgear and Servowatch Systems, as indicated by the organization.
Remarking on the arrangement, L&T Chief Executive S.N. Subrahmanyan said in an announcement: “The divestment of E&A business is in accordance with L&T’s expressed aim of opening an incentive inside the current business portfolio to streamline and dispense capital and administration center for making long haul an incentive for our partner.”
The organization’s E&A business detailed a net income of Rs 5,038 crore amid the money related year 2016-17, the announcement said.