{"id":18857,"date":"2020-09-01T05:26:22","date_gmt":"2020-09-01T05:26:22","guid":{"rendered":"https:\/\/bengalnewstimes.com\/?p=18857"},"modified":"2020-09-01T05:26:22","modified_gmt":"2020-09-01T05:26:22","slug":"lt-gains-2-on-successful-divestment-of-its-electrical-and-automation-biz-to-schneider-electric","status":"publish","type":"post","link":"https:\/\/bengalnewstimes.com\/?p=18857","title":{"rendered":"L&#038;T gains 2% on successful divestment of its electrical and automation biz to Schneider Electric"},"content":{"rendered":"<p><\/p>\n<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" align=\"left\" alt=\"Larsen and Toubro\" class=\"imgCont\" height=\"233\" src=\"https:\/\/content.indiainfoline.com\/_media\/iifl\/img\/article\/2018-11\/01\/full\/1541045378-11.jpg\" style=\"margin: 5px;\" title=\"Larsen and Toubro\" width=\"350\"\/><\/p>\n<p style=\"text-align: justify;\">&#13;<br \/>\n\t<a href=\"https:\/\/www.indiainfoline.com\/Company\/Larsen-Toubro-Ltd\/348\">Larsen &amp; Toubro<\/a> has completed its strategic divestment of their Electrical &amp; Automation (L&amp;T E&amp;A) business to Schneider Electric, a global player in energy management and automation. On Tuesday, L&amp;T stock gained by over 2% with an intraday high of Rs965.95 per piece on Sensex in the early deal.<\/p>\n<p>A.M. Naik, Group Chairman, Larsen &amp; Toubro said: \u201cThe closure of divestment of the E&amp;A business is a key milestone in our stated long-term strategy. 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. We believe Schneider Electric is the right partner to grow the business, that L&amp;T had nurtured and grown over decades. We truly believe that this deal with Schneider Electric is a win-win for our employees, business partners, and shareholders.\u201d<\/p>\n<p>The divestment was announced in May 2018 and is in line with L&amp;T&#8217;s stated goal of unlocking value for future growth.<\/p>\n<p>Under L&amp;T\u2019s E&amp;A business includes a wide range of low and medium voltage switchgear, electrical systems, industrial and building automation solutions, energy management systems, metering solutions and projects and services which are transferred to Schneider.<\/p>\n<p>Furthermore, about 5,000 employees of the E&amp;A business will become part of Schneider Electric\u2019s global family.<\/p>\n<p>Also, as part of the deal includes manufacturing facilities of E&amp;A in Navi Mumbai, Ahmednagar, Vadodara, Coimbatore and Mysuru in India and related subsidiaries in UAE, Kuwait, Malaysia and Indonesia are also being transferred to Schneider.<\/p>\n<p>S. N. Subrahmanyan, CEO &amp; MD, Larsen &amp; Toubro said: \u201cThis all-cash deal will help us create a much stronger balance sheet, thereby creating long-term value opportunities for our stakeholders by focusing on key aspects of the business. The deal was a complex M&amp;A transaction involving slump sale of the domestic business and share purchase transfer. This is in sync with our strategy to look at L&amp;T in broadly three areas, EPC Construction &amp; Projects, Manufacturing &amp; Defence and Services.\u201d<\/p>\n<p>However, L&amp;T still requires local approval for its subsidiary L&amp;T Electrical &amp; Automation Saudi Arabia Company Limited (LTEASA), which is pending currently. Once approval is in place, the subsidiary will be transferred to Schneider.<\/p>\n<p>L&amp;T in its regulatory approval adds, &#8220;Recent divestment of its stake in ports, insurance, road concessions and other businesses have all unlocked value and this deal with Schneider Electric will further strengthen the balance sheet.&#8221;<\/p>\n<p>At around 10.15 am, L&amp;T stock was performing at Rs957.90 per piece higher by 1.33%.\u00a0<\/p>\n<p>                                                    <!--start sk\n                                                    \n\n<div>\n                                                        \n\n<div class=\"clearfix\"><\/div>\n\n\n                                                        \n\n<div class=\"col-lg-5 col-md-4 col-sm-5 col-xs-4\">\n\n<div class=\"loading large-image-loading \"><\/div>\n\n<\/div>\n\n\n                                                        \n\n<div class=\"col-lg-7 col-md-8 col-sm-7 col-xs-4 mb10\">\n\n<div class=\"loading 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'https:\/\/connect.facebook.net\/en_US\/fbevents.js');\n\n    fbq('init', '139439933088582');\n    fbq('track', \"PageView\");\n\n<\/script><br \/>\n<br \/><a href=\\\"https:\/\/www.indiainfoline.com\/article\/news-sector-cap-goods-eng-infra\/l-t-gains-2-on-successful-divestment-of-its-electrical-and-automation-biz-to-schneider-electric-120090100452_1.html\\\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#13; Larsen &amp; Toubro has completed its strategic divestment of their Electrical &amp; Automation (L&amp;T E&amp;A) business to Schneider Electric, a global player in energy management and automation. On Tuesday, L&amp;T stock gained by over 2% with an intraday high of Rs965.95 per piece on Sensex in the early deal. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18858,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[36],"tags":[],"class_list":["post-18857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-business"],"jetpack_featured_media_url":"https:\/\/bengalnewstimes.com\/wp-content\/uploads\/2020\/09\/1541045378-11.jpg","_links":{"self":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/18857","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18857"}],"version-history":[{"count":0,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/18857\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/media\/18858"}],"wp:attachment":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}