India, Mumbai: Larsen & Toubro, India’s engineering, technology and construction company, has signed definitive agreements with Schneider Electric for strategic divestment of its electrical and automation business for an all-cash consideration of $2.1 billion.
The agreement is subject to regulatory approvals, L&T stated in the press release.
L&T has manufacturing facilities located at various locations in India as well as in Saudi Arabia, UAE (Jebel Ali, Dubai), Kuwait, Malaysia, Indonesia, and the UK.
“We believe the partnership with Schneider Electric, which has a strong product and geographic presence, would further enhance the business prospects for E&A business & its employees,” said Mr A.M. Naik, Group Chairman, Larsen & Toubro.
Source: Larsen & Toubro