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Home arrow News arrow Business News arrow Larsen & Toubro to seek shareholders approval for transfer of E&A Business
Larsen & Toubro to seek shareholders approval for transfer of E&A Business Print E-mail
Written by Vijay   
Wednesday, 20 April 2011
Mumbai: The Board of Directors of Larsen & Toubro Ltd, at its meeting held on April 06, 2011, has approved, seeking of shareholders approval for transfer of the Electrical & Automation (E&A) Business of the Company to a Subsidiary, Associate Company or any other entity as a going concern or otherwise. The proposed restructuring will not include the medical equipment business.

The company's Electrical & Automation Business has manufacturing facilities at Mumbai, Ahmednagar, Mysore, Powai and Coimbatore. It employs approximately 5328 people.

The division produces a wide range of electrical equipment, including low and medium-voltage switch-gears.

The company is in talks with Schneider Electric and Eaton Corporation for the sale of this division and expects a valuation of Rs 12,000-14,000 crore. The business has been valued at Rs8,900 crore by Bank of America Merrill Lynch. The company holds approximately 30% share in the country’s electrical and automation market.

According to sources L&T is trying to sell its non-core businesses and wants to focus more on engineering and construction segment, where the working capital requirements are less.

 
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