Gilbarco buys L&T’s fuel dispenser business

Gilbarco buys L&T’s fuel dispenser business
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First Published: Wed, Nov 18 2009. 01 15 AM IST
Updated: Wed, Nov 18 2009. 11 45 AM IST
Mumbai: India’s largest engineering and construction firm Larsen and Toubro (L&T) has sold its fuel dispenser business to US-based Gilbarco Inc. Fuel dispensers are machines used to pump petrol, diesel or any other fuel at filling stations. The companies did not disclose the amount. Mint had in July reported that L&T was in the final stages of signing an agreement to sell this business to the US firm for nearly $50 million (Rs243 crore). Gilbarco had completed due diligence of L&T’s fuel dispenser business in June.
L&T shares on the Bombay Stock Exchange closed 0.34% higher at Rs1656.20 on Tuesday, while the benchmark Sensex rose 0.11% to close at 17,050.65 points.
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First Published: Wed, Nov 18 2009. 01 15 AM IST