L&T hits record high after arm inks pact to acquire US-based OPRO.AI

9 Dec 2022 , 12:22 PM

The EPC major said that its arm will acquire minority stake in the target company with the objective of realizing business synergies with relevant businesses of L&T Group. The aggregate cost of acquisition is $1 million for acquiring 869,565 shares of Series A Preferred Stock. The indicative time period for completion of the acquisition is 9 December 2022. OPRO.AI Inc. was incorporated in 2021 in the state of Delaware and offers system optimization for process industries, leveraging its Industrial AI platform, AI/ML techniques and algorithms, to achieve higher yields, lower energy use, reduced emissions, safer and stabilized operations. 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 rose 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. The counter hit a record high of Rs 2,191.10 in intraday today. Powered by Capital Market – Live News