L&T Completes Sale Of Electrical And Automation Business To Schneider Electric

September 04 09:07 2020

Meanwhile, the Defence Ministry signed contract with L&T, Bharat Earth Movers and Tata Power Company, on Monday to supply six Pinaka regiments to Indian Army by 2024.

Larsen & Toubro (L&T) on Monday announced the completion of its electrical and automation (L&T E&A) business to Schneider Electric, a global player in energy management and automation. The deal was first announced in May 2018. The divestment is in line with L&T’s stated goal of unlocking value for future growth, L&T said in a regulatory filing. L&T continuously evaluates its business portfolio and takes capital allocation decisions from a long-term perspective, the company added.

Commenting on the closure of this divestment, Mr. A.M. Naik, Group Chairman, Larsen & Toubro said, “The closure of divestment of the E&A business is a key milestone in our stated long-term strategy…We believe Schneider Electric is the right partner to grow the business, that L&T had nurtured and grown over decades.”

A total of about 5,000 employees of the L&T E&A business will become part of Schneider Electric’s global family. The manufacturing facilities of E&A in Navi Mumbai, Ahmednagar, Vadodara, Coimbatore and Mysuru in India and related subsidiaries in UAE, Kuwait, Malaysia and Indonesia will also be transferred to Schneider Electric.

Meanwhile, the Defence Ministry signed contract with L&T, besides Bharat Earth Movers and Tata Power Company, on Monday to supply six Pinaka regiments, a system of rocket launchers, to the Indian Army by 2024 at an approximate cost of ₹ 2,580 crore.

At 11:00 am, the shares of L&T were trading huighwe by 1 per cent at ₹ 954.90 on the BSE, compared to the Sensex’s gains of 0.6 per cent.

About Schneider Electric

Schneider Electric is leading the Digital Transformation of Energy Management and Automation in Homes, Buildings, Data Centers, Infrastructure and Industries. With global presence in over 100 countries, Schneider is the undisputable leader in Power Management – Medium Voltage, Low Voltage and Secure Power, and in Automation Systems. We provide integrated efficiency solutions, combining energy, automation and software. In our global Ecosystem, we collaborate with the largest Partner, Integrator and Developer Community on our Open Platform to deliver real-time control and operational efficiency. We believe that great people and partners make Schneider a great company and that our commitment to Innovation, Diversity and Sustainability ensures that Life Is On everywhere, for everyone and at every moment.

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