Companies

Berkshire Hathaway to buy L&T arm for ₹174 crore

KSENIA KONDRATIEVA Mumbai | Updated on January 09, 2018 Published on August 16, 2017

merger

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.

Published on August 16, 2017
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