French energy management and automation solutions giant Schneider Electric and Singaporean sovereign wealth fund Temasek Holdings on Tuesday snapped up engineering major Larsen & Toubro’s electrical and automation (E&A) business for Rs 14,000 crore in an all-cash deal.
While Schneider will own 65%, Temasek will control 35% shareholding in Schneider Electric India, the Singaporean investor said in a statement. The French major entered the country in 1995.
Earlier in the day, L&T said it has decided to divest its E&A business, which had net revenue of Rs 3,590 crore in the first nine months of FY18 and Rs 5,038 crore in FY17, as part of its broader strategy of unlocking value from its existing verticals and better allocate capital. Read More