Schneider Electric acquires Larsen and Toubro’s electrical and automation business
Schneider Electric has announced the signing of an agreement with Larsen and Toubro Ltd. (L&T), a leading conglomerate in India to buy its Electrical and Automation business (L&T E&A) and combine it with Schneider Electric India’s Low voltage and Industrial Automation Products business.
L&T E&A offers low and medium voltage switchgear, electrical systems & equipment, energy management, metering and industrial automation solutions. It benefits from an extensive ecosystem of partners covering more than 260 cities in India. It has an efficient local manufacturing footprint with 5 manufacturing locations in India along with robust local R&D capabilities. L&T E&A has over 5,000 employees, excluding Marine Switchgear and Servowatch Systems.
Temasek, an investment company headquartered in Singapore, will invest in the combined business and will hold 35% of it.
Source: Schneider Electric