Larsen & Toubro (L&T) has entered into an agreement to divest its 100% stake in L&T Infrastructure Engineering (LTIEL) to STUP Consultants, a subsidiary of Assystem SA of France.
LTIEL, formerly known as L&T-Ramboll Consulting Engineers, provides engineering consultancy services to the infrastructure sector in the country. In FY23, LTIEL posted Rs 92 crore in revenue.
This transaction – which is expected to be concluded before January 15, 2024 – aligns with L&T’s commitment to focus on its core businesses and assets, it said in a statement.
“This is a step to exit the non-core standalone consulting engineering practice and focus energy and attention on our core businesses. It not only benefits L&T but also allows LTIEL and its employees greater avenues of growth,” DK Sen, advisor to Chairman and Managing Director, L&T and Chairman at LTIEL, said.