L&T is said to agree to sell unit to Schneider for $2.1 billion

BY :11

L&T is said to agree to sell unit to Schneider for $2.1 billion

By George Smith Alexander, Aaron Kirchfeld and Manuel BaigorriLarsen & Toubro Ltd., India’s largest engineering and construction company, has agreed to sell its electrical unit to a consortium led by Schneider Electric SE, people with knowledge of the matter said.A deal, which values Larsen’s electrical and automation division at about 140 billion rupees ($2.1 billion) including debt, could be announced as soon as this week, said the people, who asked not to be identified because the details are private. Schneider will own 74 percent of the unit when the deal is complete, while Temasek Holdings Pte will own the balance, the people said.The company, which makes submarines and builds airports and nuclear power plants, has been pruning non-strategic and sub-scale businesses. It plans to spur growth through acquisitions in information technology. The Mumbai-based firm had expected to sell the electrical division by March, Chief Financial Officer R. Shankar Raman said

2018.05.01. 07:06 BY :11

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