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Schneider expects to complete L&T’s electric unit acquisition by early 2020

Source | www.livemint.com

NEW DELHI : Schneider Electric expects to complete the 14,000 crore acquisition of Larsen & Toubro’s electrical and automation business by early 2020, its India head Anil Chaudhry said on Wednesday.

In May last year, Schneider Electric, a global player in energy management and automation, together with Singapore’s state investment firm Temasek Holdings had announced an all-cash buyout of L&T’s electrical and automation business.

“We expect the deal to close in the next few months… maybe end of the year or early next year,” said Chaudhry, zone president and managing director of Schneider Electric India Pvt Ltd.

Schneider, he said, has a “very strong commitment” to India which it sees as the future growth engine of the world.

Also, the country’s vision to become a developed nation from a developing one now would need massive infrastructure building and Schneider Electric can “play a strong role,” he said.

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