Indian engineering to construction company Larsen & Toubro (L&T) has agreed to divest its electrical and automation business for an all-cash consideration of 14,000 crore rupees ($2 billion).
Larsen & Toubro will divest the unit to Schneider Electric SE, an energy management and automation company.
As part of the acquisition, Schneider Electric has formed a consortium with Singaporean investment holding company Temasek Holdings, which was advised by Indian law firm Khaitan & Co. on the deal.
On completion of the transaction, Schneider Electric will own a 65 percent stake in Larsen & Toubro's unit, while the remainder will be held by Temasek.