L&T closes Rs 14,000 crore deal to sell electric division to Schneider Electric
Larsen & Toubro has announced the much awaited closure of its deal to sell its electrical and automation business to France headquartered-Schneider Electric, after the two companies announced the Rs 14,000 crore-deal in May 2018.
The Covid-18 pandemic had disrupted the closure of this deal which was earlier expected to be concluded in early 2020. With this all cash deal, the $ 21 billion-Indian engineering major has exited its only products business so that it can focus on its core competencies in construction and engineering and the high margin services business.
