Schneider emerges as top bidder for L&T?s electrical unitPosted by Schneider Electric on November 6th, 2017 French firm Schneider Electric, Singapore’s Temasek will jointly bid for the assets at an expected cost of .3 billion Schneider Electric SE, a French multinational specializing in energy management and automation, has emerged as the top bidder to acquire engineering company Larsen and Toubro Ltd’s (L&T’s) electric and automation division, two people familiar with the development said. Schneider will bring in Singapore government’s investment arm Temasek Holdings to jointly bid for the assets, the cost of which is expected to be in the range Rs15,000 crore or close to .31 billion, according to the people mentioned above. The sale is part of L&T’s ongoing drive to prune its non-core portfolio which saw interest from several potential buyers including strategic ones as well as private equity funds in the initial rounds. Eventually, only Schneider and Ireland-based power management multinational Eaton Corp. made it to the final bidding rounds, the people mentioned above added. Spokespersons for Schneider, Eaton, Temasek and L&T declined to comment to emailed queries. L&T, which has a presence in technology, engineering, construction, manufacturing and financial services in over 30 countries with billion in revenue, has sold several non-core assets in the past one year. In October, L&T sold unlisted subsidiary EWAC Alloys Ltd to UK-registered ESAB Holdings Ltd, for Rs522 crore. In August, the engineering firm sold its entire stake in unlisted unit L&T Cutting Tools Ltd to IMC International Metalworking Companies BV, owned by Berkshire Hathaway Inc., for Rs174 crore. The Economic Times reported on 21 June that L&T was in talks with European engineering multinational ABB to sell its electrical and automation division. Potential acquirer Schneider Electric specializes in digital transformation of energy management and automation in homes, buildings, data centres, infrastructure and industries. With operations in over 100 countries, Schneider also has presence in power management and automation systems and provides integrated efficiency solutions by combining energy, automation and software. Schneider Electric has been aggressively expanding in India through inorganic measures, making more than a dozen acquisitions since 2000. Schneider acquired Luminous Power Technologies Pvt. Ltd in 2011 for about €215 million, Mint reported. In 2009, it acquired Meher Capacitors Pvt. Ltd from the Meher Group. Schneider’s other acquisitions include Smartlink’s Digilink, transmission and distribution business of Areva. Its Indian subsidiary Schneider Electric Infrastructure Ltd reported revenue of Rs126.48 crore in fiscal 2017. About Schneider Electric Schneider Electric is the global specialist in energy management and automation. With revenues of ~€25 billion in FY2016, our 144,000 employees serve customers in over 100 countries, helping them to manage their energy and process in ways that are safe, reliable, efficient and sustainable. From the simplest of switches to complex operational systems, our technology, software and services improve the way our customers manage and automate their operations. Our connected technologies reshape industries, transform cities and enrich lives. At Schneider Electric, we call this *Life Is On*. Schneider Electric is the worldwide expert in energy administration and automation. With incomes of ~€25 billion in FY2016, our 144,000 representatives serve clients in more than 100 nations, Schneider Electric helping them to deal with their energy and process in ways that are protected, dependable, productive and practical. From the least difficult of changes to complex operational frameworks, Schneider Electric innovation, programming and administrations enhance the way our clients oversee and computerize their operations. Schneider Electric associated advancements reshape businesses, change urban communities and advance lives. At Schneider Electric, we call this Life Is On. Schneider Electric is leading the Digital Transformation of Energy Management and Automation in Homes, Buildings, Data Centers, Infrastructure and Industries. With global presence in over 100 countries, Schneider is the undisputable leader in Power Management – Medium Voltage, Low Voltage and Secure Power, and in Automation Systems. We provide integrated efficiency solutions, combining energy, automation and software. In our global Ecosystem, we collaborate with the largest Partner, Integrator and Developer Community on our Open Platform to deliver real-time control and operational efficiency. We believe that great people and partners make Schneider a great company and that our commitment to Innovation, Diversity and Sustainability ensures that Life Is On everywhere, for everyone and at every moment. Like it? Share it!More by this author |