L&T sells foundry unit at Coimbatore for Rs 163 crore

Sale of the arm is in line with the company's plan to exit non-core business

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Larsen & Toubro (L&T) has decided to sell its casting manufacturing unit at Coimbatore to Bradken Limited for Rs 163 crore.

In an announcement to BSE, L&T said revenue of the foundry unit for the fiscal 2015 was Rs 122 crore and the percentage contribution of the unit by revenue and net worth is less than 1%.

The business transfer agreement was signed on November 2015 and it was now completed.

Bradken India, an Australian-listed entity through its Indian subsidiary acquired the foundry unit. Bradken is a global manufacturer and supplier of capital and consumable products to the mining, transport, general industrial and contract manufacturing markets.

Bradkeh has 52 facilities, sales and service facilities across Australia, New Zeland, UK, China, US, Canada, Malaysia and Indonesia.

The sale of this business is in line with the company's strategic plan to exit non-core business and rationalise its portfolio. The company continues to maintain its foundries at Kansabahal, Odhisha and L&T Special Steels and heavy Forgings, Hazira, Gujarat.