L&T inks $2.1 billion deal to sell electrical and automation business

Larsen & Toubro (L&T) has inked a definitive agreement with a consortium comprising Schneider Electric SE and Singapore state investor Temasek Holdings Pte to sell its electrical and automation business worth $2.1 billion (Rs 140 billion). As per the deal, Schneider will hold a 65 per cent stake in the unit whereas Temasek will control the remaining 35 per cent. The transaction includes all the electrical and automation business segments except the marine switchgear and Servowatch systems. The electrical and automation business of the company was put up for sale as part of L&T’s Lakshya 2021 plan that aims to double the company’s revenue by 2021.