L&T buys Japan-based Chiyoda’s entire stake in JV LTC for Rs 75 cr
Larsen & Toubro (L&T) on Tuesday said it has bought the entire stake held by Chiyoda Corporation in L&T-Chiyoda Ltd for Rs 75 crore.
L&T-Chiyoda Ltd (LTC) is a joint venture between L&T and Japan-based Chiyoda Corporation (Chiyoda).
The buyout is likely to be completed by the end of next month, the engineering and construction conglomerate said in a regulatory filing.
“The acquisition is a related party transaction and approval of the audit committee and board of L&T have been taken,” the filing said.
LTC was formed with an aim to provide engineering and related services for the hydrocarbon industry to support L&T’s EPC business in the domestic and international market.
