News Digest

28 November 2017
L&T may sell some assets by March to fund acqu

Larsen and Toubro Ltd (L&T), India's largest engineering and construction group, said it expects to sell its electrical unit and spin out its road assets trust by March 2018, a sign that funding for plans to acquire more companies in information technology (IT) will soon be in place. Schneider Electric SE is in exclusive talks to buy the electrical unit, valuing it at around $2 billion, people familiar with the matter said last week. Due diligence is underway, as are talks with investors on an initial public offering for some road assets, L&T chief financial officer R. Shankar Raman said in an interview on 20 November. The airports-to-submarines maker has been pruning non-strategic and sub-scale businesses under a plan to spur growth through acquisitions in information technology, where margins are higher.

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