L&T to sell UK marine tech arm to Rolls-Royce1 min read . Updated: 03 Dec 2020, 08:44 AM IST
- Servowatch Systems has grown into an internationally recognized provider of marine automation platforms over the past eight years of L&T’s ownership
MUMBAI: Larsen & Toubro will sell its UK-based integrated marine automation solutions provider Servowatch Systems to Rolls-Royce’s Power Systems Division, the engineering conglomerate said in a release. The company did not disclose the transaction value.
A leading supplier of advanced and innovative integrated ship control systems, Servowatch Systems has grown into an internationally recognized provider of marine automation platforms over the past eight years of L&T’s ownership. The company headquartered in Heybridge, Essex, United Kingdom has 44 employees in the UK and India, who deliver integrated marine automation solutions for navies, commercial vessels and large yachts.
SN Subrahmanyan, CEO & MD, Larsen & Toubro said, “The divestment of Servowatch Systems is as per our stated goal of unlocking value within the existing business portfolio by divesting non-core units."
L&T facilitated the business to develop an award-winning software platform for the latest generation of marine integrated platform management systems that are sold globally to many navies and commercial operators, he said.
"We believe its partnership with Rolls-Royce and its product and solution brand MTU will pave the way for its further growth," Subrahmanyan added.
This is part of L&T’s plans to divest non-core businesses and boost its balance sheet strength. In August 2020, L&T concluded the strategic divestment of its Electrical & Automation business to Schneider Electric. L&T said its exit from the Electrical & Automation Business, as well as Servowatch Systems is a part of the strategic portfolio review process.