Mumbai: India’s Larsen & Toubro Ltd expects revenues of $140 million from the switchgear business of Malaysia’s Tamco that it is acquiring, a company official said on Friday, January 18.
L&T, India’s top engineering and construction firm, struck a deal in October to buy Tamco’s switchgear operations in Malaysia, Australia, China and Indonesia for $114.5 million.
The company hopes to complete the acquisition by end-March, R.N. Mukhija, president for operations, told reporters. Tamco’s switchgear business had revenues of $102 million in 2006/07.
L&T has said it aims to double revenues at its electrical and electronics division to $1 billion by the year to March 2010.
By 0829 GMT, shares in the company were trading 1.2% down at Rs4,030 in a weak Mumbai market that was down 0.7%.