L&T considering restructuring of electrical, automation biz

Diversified group Larsen & Toubro today said it is looking at "appropriate restructuring" of its electrical and automation business.

The engineering giant in a filing informed bourses that as part of its long-term strategy plan the group constantly scan portfolio and carry out restructuring from time to time.

"Electrical & Automation business is also being considered for appropriate restructuring," L&T said in its reply to BSE.

BSE had sought clarification from the company over media reports that suggested that 'Schneider-Temasek was closing in on an L&T deal'.

"In compliance of Regulation 30 of the SEBI (LODR) Regulations, 2015, we shall make necessary disclosures at appropriate time," the company said.

The company in the electrical and automation space offers a wide range of products, solutions and turnkey services for electricity distribution and control, across various sectors: industries, utilities, buildings, residences, marine and agriculture.

Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over USD 17 billion in revenue. It operates in over 30 countries worldwide.