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L&T sells business division to subsidiary L&T Technology Services for Rs 800 cr
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IANS | 12 Jan, 2023
In a Rs 800 crore deal, engineering services company L&T Technology
Services Ltd will acquire the Smart World & Communication (SWC)
business of Larsen & Toubro Ltd (L&T), the companies said on
Thursday.
According to L&T, the revenue of the
carved-out business for FY 2021-22 was Rs 1,098 crore (including
inter-segment revenues) and networth was Rs 440 crore.
The business transfer to L&T Technology Services will be on slump sale basis.
According
to L&T, the SWC business comprises the smart and safe segment and
communications segment (including all software platforms, IPs related to
these segments and employees) of SWC business. The transaction excludes
the military communications segment and certain identified customer
contracts.
The business transfer transaction is expected to be
closed on or before March 31, 2023, subject to satisfaction of
conditions precedent identified under the agreement, L&T said.
L&T Technology Services is a listed subsidiary of L&T with the latter owning 73.85 per cent.
"Smart
World & Communication has created a niche for itself in the
communications and smart spaces domain across developing markets. By
combining with a global engineering services player like LTTS (L&T
Technology Services), its offerings across next-gen networks, smart
spaces, and cybersecurity will help unlock new synergies across the
technology spectrum. LTTS is well-positioned to take these capabilities
to the global market, cementing its robust leadership in the engineering
and technology domain," L&T Chief Executive Officer & Managing
Director S.N. Subrahmanyan said.
According to L&T Technology
Services CEO & Managing Director, Amit Chadha, the acquisition of
SWC is a progression of LTTS' 6 Big Bets strategy with a direct bearing
on 5G, Digital Products and artificial intelligence (AI), and
sustainability.
He said that SWC's capabilities will enhance
L&T Technology Services' differentiation in the exciting field of
next-gen communications with cutting edge solutions around 5G networks,
sustainable spaces, along with a full stack of cyber security solutions
to its global clientele.
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