L&T Sells LTIEL to French Entity - Focus on Core Businesses
By Rediff Money Desk, NEWDELHI Nov 03, 2023 15:15
L&T to divest its 100% stake in L&T Infrastructure Engineering Ltd (LTIEL) to STUP Consultants Pvt Ltd, a subsidiary of Assystem SA of France, to focus on core businesses.
New Delhi, Nov 3 (PTI) L&T on Friday said it will sell its 100 per cent stake in subsidiary L&T Infrastructure Engineering Ltd (LTIEL) to a French entity.
This transaction aligns with the company's commitment to focus on its core businesses and assets.
"L&T...has announced the divestment of its 100 per cent stake in L&T Infrastructure Engineering Ltd ," the company said in a statement.
LTIEL is a provider of standalone engineering consultancy services for the infrastructure sector.
The stake will be acquired by STUP Consultants Pvt Ltd, a subsidiary of Assystem SA of France.
The transaction, which is subject to meeting certain conditions, is likely to be completed before January 15, next year.
"This is a step to exit the non-core standalone consulting engineering practice and focus energy and attention on our core businesses. It not only benefits L&T but also allows LTIEL and its employees greater avenues of growth," D K Sen, Advisor to Chairman and Managing Director, L&T said.
This transaction aligns with the company's commitment to focus on its core businesses and assets.
"L&T...has announced the divestment of its 100 per cent stake in L&T Infrastructure Engineering Ltd ," the company said in a statement.
LTIEL is a provider of standalone engineering consultancy services for the infrastructure sector.
The stake will be acquired by STUP Consultants Pvt Ltd, a subsidiary of Assystem SA of France.
The transaction, which is subject to meeting certain conditions, is likely to be completed before January 15, next year.
"This is a step to exit the non-core standalone consulting engineering practice and focus energy and attention on our core businesses. It not only benefits L&T but also allows LTIEL and its employees greater avenues of growth," D K Sen, Advisor to Chairman and Managing Director, L&T said.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
Ripley & Co to Modernize Haldia Berth with Rs...
Ripley & Co and Bothra Shipping Services will invest Rs 600 crore to automate and...
India To Set Up Centre For Trade Negotiation...
India's Commerce Ministry plans to establish a centre for negotiation skills to...
SBI 444-Day Term Deposit: Up to 7.25% Annual...
State Bank of India launches a 444-day term deposit offering up to 7.25% annual...