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Schneider’s deal to acquire L&T’s electrical, automation biz to boost manufacturing: Suresh Prabhu

Source | PTI@moneycontrolcom

Prabhu also said the project will be one of the largest ever investments in manufacturing sector by a French company in the country.

Commerce and Industry Minister Suresh Prabhu on Wednesday said acquisition of Larsen & Toubro’s electrical and industry automation division by Schneider Electric will spur growth in domestic manufacturing in line with the ‘Make in India’ initiative of the government. He said this in a meeting with Jean Pascal Tricoire, Chairman and Chief Executive Office, Schneider Electric here today.

This project, combined with Schneider Electric’s digital know-how, will result in greater domestic production, increased exports, reduced imports and effectively provide a wide range of product offerings at competitive prices, the commerce ministry said in a statement quoting the minister.

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