Mumbai: Larsen & Toubro (L&T), an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services, has announced the divestment of its 100% stake in L&T Infrastructure Engineering Limited (LTIEL), a provider of standalone engineering consultancy services for the infrastructure sector in India. The stake has been acquired by STUP Consultants Private Limited, a subsidiary of Assystem SA of France.
This transaction aligns with Larsen & Toubro’s commitment to focus on its core businesses and assets. LTIEL, formerly known as L&T-Ramboll Consulting Engineers Limited, provides engineering consultancy services for India's infrastructure sector. LTIEL revenues for FY23 was Rs.92 crore.
Mr. D K Sen, Advisor to Chairman and Managing Director, L&T and Chairman, LTIEL, shared his perspective on this development: "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."
The transaction is currently pending completion of customary closing conditions and is expected to be concluded before January 15th, 2024.