L&T to divest 100% stake in subsidiary LTIEL

L&T on Friday said it will sell its 100 per cent stake in subsidiary L&T Infrastructure Engineering Ltd (LTIEL) to a French entity.

This transaction aligns with the company's commitment to focus on its core businesses and assets.

"L&T...Has announced the divestment of its 100 per cent stake in L&T Infrastructure Engineering Ltd ," the company said in a statement.

LTIEL is a provider of standalone engineering consultancy services for the infrastructure sector.

The stake will be acquired by STUP Consultants Pvt Ltd, a subsidiary of Assystem SA of France.

The transaction, which is subject to meeting certain conditions, is likely to be completed before January 15, next year.

"This is a step to exit the non-core standalone consulting engineering practice and focus energy and attention on our core businesses. It not only benefits L&T but also allows LTIEL and its employees greater avenues of growth," D K Sen, Advisor to Chairman and Managing Director, L&T said.