L&T Technology Services acquires 74% stake in Thales Software1 min read . Updated: 26 Jun 2014, 05:54 PM IST
Thales will help the company develop the latest trends in the avionics industry, one of its core businesses, L&T said
Mumbai: L&T Technology Services, a unit of Larsen and Toubro Ltd (L&T), said on Thursday that it has acquired a 74% equity stake in Thales Software India Pvt. Ltd, to strengthen its avionics business.
Avionics are the electronic systems used on aircrafts, artificial satellites, and spacecrafts.
L&T Technology Services will manage and oversee operations and delivery of services of the joint venture, it said in a statement.
Thales will help the company develop the latest trends in the avionics industry, one of its core businesses, the company said. Thales Software is the Indian subsidiary of Thales, the global technology leader in aerospace, transportation and defence and security markets.
In May, L&T had said that the initial public offering (IPO) process for L&T Infotech and L&T Technology Services will start in July 2016. In its run-up to the IPO, the company is open for small-ticket acquisitions of around $30-40 million for its engineering services company, A.M. Naik, group executive chairman had said in an interview in June.
L&T Technology Services, founded in August 2013, is an engineering services provider in areas including industrial products, medical devices, transportation and telecom.
Shares of L&T closed 1.33% higher at ₹ 1,672.35 apiece on BSE, while the benchmark Sensex lost 0.99% to 25,062.67 points.