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New Delhi: Engineering and construction company Larsen & Toubro (L&T) on Friday announced it was selling its entire stake in L&T Infrastructure Engineering Limited (LTIEL) to focus more on its core business. The stake has been acquired by STUP Consultants Private Limited, a subsidiary of Assystem SA of France, an independent nuclear engineering group, the company said.
“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 for growth,” said D K Sen, advisor to the chairman and managing director, L&T, and chairman, LTIEL.
L&T said the transaction is subject to the completion of customary closing conditions and is expected to be concluded before 15 January 2024. It aligns with L&T’s commitment to focus on its core businesses and assets, he added. LTIEL, formerly known as L&T-Ramboll Consulting Engineers Limited, provides engineering consultancy services for India’s infrastructure sector.
The acquisition will help complete Assystem’s engineering-service offering in India, increase the company’s market share in the rail, transportation and energy sectors, and enhance its capability in project design and planning.
“This acquisition will be a vital building block in establishing Assystem in India. By combining our expertise, we will create an enhanced and all-encompassing offer for our clients,” said Ashish Tandon, managing director, Assystem Stup.
L&T Infrastructure Engineering Limited clocked a revenue of ₹92.2 crore in FY23. It has offices in Hyderabad, Mumbai, Delhi, and Chennai.
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Updated: 03 Nov 2023, 05:36 PM IST
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