Larsen & Toubro (L&T) has signed an agreement to divest its data centre and cloud services business to its wholly owned subsidiary Vyoma for Rs 14 billion.
Under the transaction, Vyoma will issue and allot fully paid-up equity shares of Rs 100 each to L&T based on a valuation determined by an independent valuer. The transaction is expected to be completed on or before October 31, 2026.
Vyoma, which was recently incorporated, will focus on establishing data centres and providing infrastructure and technology-enabled services.
Separately, L&T has signed a share purchase agreement with Vyoma and L&T Network Services Private Limited (LTNSPL) to divest its entire 100 per cent equity stake in LTNSPL to Vyoma for Rs 300 million.
Following the completion of the transaction, LTNSPL will become a direct wholly owned subsidiary of Vyoma and an indirect wholly owned subsidiary of L&T.