L&T unit to acquire Dell’s engineering services division1 min read . Updated: 09 Oct 2014, 12:30 AM IST
L&T informs stock exchanges that CCI has approved the proposed purchase of Dell Product and Process Innovation Services
Mumbai: L&T Technology Services, a wholly-owned subsidiary of $14.3-billion Larsen and Toubro Ltd (L&T), on Wednesday said it intends to buy the engineering services division of US-based Dell Inc. The company did not disclose the value of the deal.
L&T informed the stock exchanges that the Competition Commission of India (CCI) has approved the proposed purchase of Dell Product and Process Innovation Services, formerly known as eServ. The company is awaiting US regulatory approvals.
L&T said the deal will “significantly drive forward L&T Technology Services’s position as a premier engineering services provider by adding local delivery centres in North America."
L&T Technology Services chief executive Keshab Panda had said in an interview last week that the company would, in the next 15 days, acquire a US-based analytical and manufacturing engineering company with operations in India. Panda had added that the company won’t spend more than $50 million on any acquisition.
In an 11 June interview, L&T executive chairman A.M. Naik had said the initial public offering (IPO) process for L&T Infotech and L&T Technology Services will start in July 2016.
In June, L&T Technology Services acquired a 74% stake in Thales Software India Pvt. Ltd for an undisclosed sum to expand its avionics business.