Lauritz Knudsen to Invest Rs 850 Cr in India

New Delhi, May 29 (PTI) Lauritz Knudsen, formerly known as L&T Switchgear, on Wednesday said it will invest Rs 850 crore on technologies, products and expansion of its manufacturing capabilities in the country over the next three years.

Larsen & Toubro (L&T) had in 2020 sold its electrical and automation business to Schneider Electric for Rs 14,000 crore and is now a part of Scheider Electric Group.

Schneider Electric Chief Executive Officer Peter Herweck said the new company "aims to strategically invest Rs 850 crore over the next three years, further establishing its role as a significant player in India's rapid growth trajectory in the electrical sector".

He was speaking during the launch of its new brand identity, "Lauritz Knudsen Electrical and Automation".

Deepak Sharma, Zone President, India, MD & CEO, Schneider Electric India, said the investment is "to bring the next phase of our technologies and products and of course expanding our manufacturing capabilities in the country."

Stating that India is the fastest growing major economy in the world presenting unparalleled opportunities for growth for Schneider Electric, Herweck said that as the country modernizes its infrastructure and industrial sectors, the demand for advanced electrical solutions is set to rise significantly.

"Our commitment to India's growth story remains steadfast as we look to the future," he stressed.

Schneider Electric Group acquired Lauritz Knudsen, a Danish manufacturer specialising in electrical equipment, in 2004.

Knudsen offers a portfolio of low-voltage switchgear, medium-voltage switchgear, automation solutions, software, and services catering to diverse segments, including homes, agriculture, buildings, infrastructure, and industry.