L&T completes divestment of electrical, automation business to Schneider Electric

Engineering and construction giant Larsen and Toubro on Monday said it has completed the strategic divestment of its electrical and automation business to Schneider Electric.The move will see India becoming the third largest country in terms of revenues for Schneider Electric. With this, about 5,000 employees of Larsen and Toubro’s electrical and automation business will be integrated with Schneider Electric’s over 2,000 employees. Though the size of the deal was not disclosed, L&T had inked a definitive pact with Schneider Electric in 2018 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.