L&T buys out partner’s stake in engineering consultancy
L&T takes full control of L&T-Ramboll Consulting Engineers by purchasing the 50% stake held by Ramboll Denmark
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Mumbai: Engineering company Larsen and Toubro Ltd (L&T) has taken full control of its joint venture consultancy L&T-Ramboll Consulting Engineers Ltd (LTR) by purchasing the 50% stake held by Ramboll Denmark AS.
L&T termed acquisition a strategic move to strengthen its design base in infrastructure. Post-acquisition, LTR will be renamed as L&T Infrastructure Engineering Ltd and will operate as a wholly owned subsidiary of L&T. The value of the acquisition was not disclosed.
LTR was incorporated in 1998, with L&T contributing 50% of the authorized and paid-up capital, while Ramboll and Industrialization Fund for Developing Countries (IFU) contributed 26% and 24%, respectively. In 2004, Ramboll purchased IFU’s stake.
“This acquisition is a significant move to strengthen our engineering, procurement and construction (EPC) offering in the infrastructure sector,” said S.N. Subrahmanyan, member of board and senior executive vice-president, infrastructure and construction at L&T.
LTR has around 250 engineers, with a registered office in Chennai and regional offices in Hyderabad, Delhi and Mumbai.
At 12.22pm, shares of L&T were trading at Rs.1,608, down 1.1% its from previous close, while India’s benchmark Sensex was down 0.3% at 27,236.51 points.
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