L&T Board approves sale of Electrical & Automation business

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L&T Board approves sale of Electrical & Automation business
The stocks of Larsen & Toubro Ltd. rose, after the company approved the sales of the Electrical & Automation business.

At a meeting conducted on April 6, 2011, the Board of Directors of the company agreed to seek the shareholders' approval in order to transfer the Electrical & Automation (E&A) Business to a Subsidiary and / or Associate Company or to any other entity. This will be accomplished according to the requirements of the Section 293(1) (a) of the Companies Act, 1956.

At 11:44 AM, on BSE, shares of the company were trading at Rs. 1,692.50, up by 0.77 per cent, against the previous close of Rs. 1,679.55. The shares of the company reached the day's high at Rs. 1,709.90 and day's low at Rs. 1,664.00. However, the stock had touched the 52-weeks high of Rs. 2,212.00 on November 4, 2010 and 52 weeks low of Rs. 1,463.05 on February 10, 2011.

The division contributes to less than 7 per cent of L&T's total revenues and has manufacturing facilities in Mumbai, Ahmednagar and various overseas locations. Meanwhile, for the financial year 2010, the Electrical and Automation generated revenues worth Rs. 3,674 crore. 

Mr Sharat C. Bhargava, Senior Vice-president, Electrical and Automation, reported that the company had filed for 151 patents last year and had more than 600 live patents.

Read more about: larsen and toubro
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