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Our Bureau

Mumbai, Oct 11 Engineering and construction company Larsen & Toubro Ltd has entered into a share sale agreement with Malaysia-based Tamco Corporate Holdings Bhd for acquisition of Tamco’s de-merged switchgear business, Tamco Switchgear Malaysia Sdn Bhd, for an undisclosed amount.

The two parties also propose to enter into three other share sale agreements for acquisition of three of Tamco’s switchgear manufacturing subsidiaries – Tamco Shanghai Switchgear Co Ltd in China, Tamco Electrical Industries Australia Pty Ltd in Australia and PT Tamco Indonesia in Indonesia.

The deal was signed on Thursday in Kuala Lumpur by Tamco’s Deputy Chairman, Dato Siew Ka Wei, and the Group Managing Director, Mr Abdul Latif Mahamud, and L&T’s President – Operations and member of the board, Mr R.N. Mukhija.

Mr Mukhija said, “This is a significant move forward in L&T’s plans of reinforcing its position as a major player in switchgear business. Tamco has a strong presence in the medium voltage (MV) category. With this acquisition, L&T will be able to offer a comprehensive range of MV switchgear in India and international market.”

Tamco is a major player in MV Switchgear in Malaysia. West Asia and Malaysia together contribute to over 50 per cent of its revenues.

With this acquisition, L&T will have access to the fast growing MV switchgear markets like West Asia and the EPC contractors that have approved use of Tamco’s products.

L&T is a leading global manufacturer of low voltage switchgear. It has a track record that includes the supply of intelligent switchboards, systems and service to major industrial projects. It has four manufacturing facilities for switchgear operations in India and one each in China and Saudi Arabia.

Tamco Corporate Holdings Bhd is part of the Malaysia-based Ancom Berhad Group which has diverse business interests, particularly in chemicals, and is listed on the Kuala Lumpur Stock Exchange. It had recently demerged its switchgear operations of the group into a separate entity.

Tamco products include Vacuum Circuit Breakers, Ring Main Units, Gas Insulated Switchgear, Busducts and switchboards. Tamco also procures LV switchgear, and supplies LV switchboards.

It has manufacturing plants in Malaysia, China, Indonesia and Australia. Tamco sells its products in over 30 countries with significant sales in West Asia and China.

More Stories on : Electrical Goods | Mergers & Acquisitions | Overseas Investments | Larsen & Toubro Ltd

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