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| Voith acquires L&T stake in JV arm |
| Press Trust Of India / New Delhi Oct 26, 2009, 01:07 IST |
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German engineering company Voith today said it has acquired the entire stake held by its joint venture partner, Larsen & Toubro (L&T), in Kolkata-based Voith Paper Technology for an undisclosed amount.
“Voith has acquired the stake previously held by its long-term joint venture partner Larsen & Toubro Ltd – India’s largest construction and engineering group – in the Kolkata-based joint venture Voith Paper Technology (India),” the spokesperson of the German company told PTI in an emailed response.
Before the transaction, both companies held equal (50:50) stake in the joint-venture.
The share transfer has became effective on October 1, 2009, it added.
However, when contacted, L&T declined to comment.
“The share acquisition through Voith does not mean an end to the good and trustful cooperation with Larsen & Toubro,” Voith said.
It will continue to work closely with its long-term joint venture partner in the field of manufacturing of machineries and equipment for pulp and paper production, the company added.
Founded in January 1867, with approximately 42,000 employees and a turnover of ¤4.9 billion, Voith is today one of Europe’s large family-owned companies.
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