India's L&T seals $2.1 billion deal to sell electrical unit to Schneider

India’s Larsen & Toubro (LART.NS) has agreed to sell its electrical and automation business to Schneider Electric SE (SCHN.PA) for 140 billion rupees ($2.11 billion) in cash, it said on Tuesday.
The deal, part of L&T's plan to sell its non-core units, covers all segments of its electrical and automation business except marine switchgear and servowatch systems, the top Indian engineering group said here in a statement.
The electrical and automation (E&A) business, which has factories in India as well as in Saudi Arabia, the United Arab Emirates,



Kuwait, Malaysia, Indonesia and the United Kingdom, had a net revenue of 50.38 billion rupees, or about 4.5 percent of L&T’s consolidated revenue, for the year to March 2017.

“The divestment of E&A business is in line with L&T’s stated intent of unlocking value within the existing business portfolio to streamline and allocate capital and management focus for creating long-term value for our stakeholders,” the company’s chief executive, S.N. Subrahmanyan, said in the statement.
The deal is expected to close in 18 months, L&T said.