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Motilal Oswal Report
Larsen and Toubro Ltd. announced the completion of the much-awaited electrical and automation division sale to Schneider Electric India Pvt.
The deal was initially announced two years ago at enterprise of Rs 140 billion and took time to achieve completion on account of the necessary approvals needed and the fulfillment of other conditions.
Barring the subsidiary in Saudi Arabia – L&T Electrical & Automation Saudi Arabia Company Ltd. (LTEASA) – for which local approvals are pending, E&A’s manufacturing facilities in India and related subsidiaries in the UAE, Kuwait, Malaysia, and Indonesia are being transferred to Schneider Electric India.
Note that Schneider Electric would use the L&T brand for a specified period as the brand is highly popular and has a strong recall in the Switchgear market.
Adjusting for taxes and debt, the company is likely to garner net cash inflow of $1.4 billion as proceeds.
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