L&T buys entire stake in JV for Rs 75 cr

22 Nov 2022 , 01:26 PM

L&T-Chiyoda (LTC) is a joint venture between Larsen & Toubro (L&T) and Chiyoda Corporation. The aggregate cost of acquisition is Rs 75 crore for acquiring 45,00,000 equity shares or 50% stake in LTC. The company said that the acquisition is expected to be completed by 31 December 2022. LTC was incorporated as a 50-50 joint venture between L&T and Chiyoda since 1994. It was formed with an objective to provide engineering and related services for the Hydrocarbon industry to support L&Ts EPC business in the domestic and international market. As on 31 March 2022 the companys turnover stood at Rs 324.81 crore and net worth was at Rs 96.35 crore. Larsen & Toubro is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide. The EPC majors consolidated net profit jumped 22.5% to Rs 2,228.97 crore on 23% rise in net sales to Rs 42,762.61 crore in Q2 FY23 over Q2 FY22. Shares of Larsen & Toubro rose 0.77% to Rs 2,026.40 on the BSE. Powered by Capital Market – Live News