Comments
Infrastructure and engineering major Larsen & Toubro (L&T) has divested its entire stake in its wholly-owned subsidiary, L&T Cutting Tools, to IMC International Metalworking Companies BV, owned by US-based Berkshire Hathaway Inc, the company said in a filing with stock exchanges.
The sale is expected to be closed within the next 90 days, it said. The deal will bring L&T ₹174 crore and could be considered as a part of the group’s broader strategy to divest non-core businesses and assets adopted several years back.
L&T Cutting Tools is a part of L&T’s EWAC Alloys business and has a manufacturing facility in Ankleshwar, Gujarat, producing a range of products.
Its total revenues during the last financial year stood at ₹169.5 crore and constituted around 0.15 per cent of L&T’s consolidated revenue.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.