Larsen & Toubro (L&T) has sold its 100 per cent stake in L&T Infrastructure Engineering Limited (LTIEL), a provider of standalone engineering consultancy services for the infrastructure sector in India, to STUP Consultants Private Limited, a subsidiary of Assystem SA of France for ₹60 crore
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 ₹92 crore.
D K Sen, Advisor to Chairman and Managing Director, L&T and Chairman, LTIEL, while sharing his perspective on this development 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 of growth.”
The transaction is currently pending completion of customary closing conditions and is expected to be concluded before January 15th, 2024.
LTIEL revenue during FY23 was ₹92 crore constituting around 0.05 per cent of the consolidated revenue of L&T for the FY23 and it reported a net worth of ₹54 crore as on March 31, 2023 constituting around 0.06 per cent of the consolidated net worth of L&T.