Two years later, L&T completes sale of E&A business to Schneider Electric

Engineering conglomerate Larsen & Toubro (L&T) on Monday announced completion of the sale of its electrical and automation (E&A) business to Schneider Electric. The deal was first announced in May 2018.

Valued at Rs 14,000 crore, it is one of L&T’s biggest divestment so far in value terms.

“The significant and complex divestment deal, one of its kind in India announced in May 2018 has been completed after receiving the requisite regulatory approvals and fulfilment of necessary conditions,” the company said in its statement. In addition to its complex nature, the deal completion was also impacted due to restrictions on air-travel post March.

Chairman for the group, AM Naik added, “The challenge was to carve out a business of this scale, with minimum disruption to the sprawling customer base and do it all amid the constraints of a pandemic.”