Mumbai: In a major development, L&T sold it’s electric & automation business to Schneider Electric. The deal completion was announced on Tuesday.
Jean-Pascal Tricoire, Chairman & CEO, Schneider Electric, said: “The coming together of Schneider Electric and L&T’s Electrical & Automation business combines two great teams, highly professional and specialised in the space of energy management and automation, and passionate about technology, innovation, quality, safety, sustainability, and social responsibility…This major strategic move will make India Schneider Electric’s third largest business in the world, and one of the four major global Schneider hubs for global R&D, global manufacturing.”
Commenting on the closure of this divestment, A.M. Naik, Group Chairman, Larsen & Toubro said, “The closure of divestment of the E&A business is a key milestone in our stated long-term strategy…We believe Schneider Electric is the right partner to grow the business, that L&T had nurtured and grown over decades.”
This deal was initially announced in May 2018.
The combined business – Schneider Electric India Private Limited (SEIPL) will be owned 65% by Schneider Electric while global investment company Temasek owns the remaining stake. SEIPL also announced the appointment of Anil Chaudhry – the current Zone President & Managing Director, of Schneider Electric India – as the CEO SEIPL and Zone President India.
