Larsen & Toubro announces Divestment of L&T Infrastructure Engineering Limited (LTIEL)
- 03 November 2023
²Ñ³Ü³¾²ú²¹¾±:ÌýLarsen & Toubro (¹úÂ鶹ÊÓƵ;T), an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services, has announced the divestment of its 100% stake in ¹úÂ鶹ÊÓƵ;T Infrastructure Engineering Limited (LTIEL), a provider of standalone engineering consultancy services for the infrastructure sector in India. The stake has been acquired by STUP Consultants Private Limited, a subsidiary of Assystem SA of France.
This transaction aligns with Larsen & Toubro’s commitment to focus on its core businesses and assets. LTIEL, formerly known as ¹úÂ鶹ÊÓƵ;T-Ramboll Consulting Engineers Limited, provides engineering consultancy services for India's infrastructure sector. LTIEL revenues for FY23 was Rs.92 crore.
Mr. D K Sen, Advisor to Chairman and Managing Director, ¹úÂ鶹ÊÓƵ;T and Chairman, LTIEL, shared his perspective on this development: "This is a step to exit the Ìýnon-core standalone consulting engineering practice and focus energy and attention on our core businesses. It not only benefits ¹úÂ鶹ÊÓƵ;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 15th, 2024.
