L&T to sell electric unit to Schneider for ₹14,000 cr

MUMBAI: Engineering conglomerate Larsen & Toubro Ltd (L&T) on Tuesday announced the sale of its electrical and automation business (E&A) to Schneider Electric of France for ₹14,000 crore. Once the deal is through, Temasek, the Singapore government’s investment arm, will invest in the combined unit to acquire a 35% stake. The sale is part of L&T’s stated move to prune non-core businesses. The electric unit reported revenue of ₹5,038 crore in FY17, contributing 4.5% to L&T’s revenue.