Larsen & Toubro divests 100% stake in L&T Infrastructure Engineering Ltd
Mumbai: Engineering giant Larsen & Toubro (L&T) Friday said it has sold its 100% stake in L&T Infrastructure Engineering Limited (LTIEL) to STUP Consultants Private Limited, a subsidiary of Assystem SA of France, a press statement said.
LTIEL provides engineering consultancy services for the infrastructure sector in India.
This transaction aligns with Larsen & Toubro’s commitment to focus on its core businesses and assets.
LTIEL, formerly known as L&T-Ramboll Consulting Engineers Ltd, provides engineering consultancy services for India's infrastructure sector.
LTIEL's revenues for FY23 were Rs 92 crore.
D K Sen, Advisor to Chairman and Managing Director, L&T and Chairman, LTIEL, shared his perspective on this development: "This is a step to exit the non-core standalone consulting engineering practice and focus energy and attention on our core businesses. It not only benefits L&T but also allows LTIEL and its employees greater avenues of growth."
The transaction is currently pending completion of customary closing conditions and is expected to be concluded before January 15, 2024.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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