The Competition Commission Thursday said it has given approval to Schneider’s acquisition of Larsen & Toubro’s electrical and automation business in a Rs 14,000-crore deal. However, the deal is subject to compliance of certain modifications, the Competition Commission of India (CCI) said.
The green signal comes after the regulator had sought comments from the public in November last year on the proposed acquisition by Schneider after finding that it could have an adverse impact on competition.
In a tweet, the CCI said it “approves acquisition of electrical and automation business of L&T by Schneider and MacRitchie, subject to compliance of certain modifications”.
In May 2018, Larsen & Toubro had inked a definitive pact with Schneider Electric to sell its electrical and automation business for an all-cash consideration of Rs 14,000 crore, as part of its long-term strategy to exit non-core activities Read More