L&T sells UK-based marine automation solutions provider Servowatch Systems

Engineering conglomerate Larsen & Toubro (L&T) on Wednesday said it has entered into a sales agreement with Rolls-Royce for its UK-based integrated marine automation solutions provider Servowatch Systems. The move is in line with the company’s plan to divest its non-core assets.
 

“L&T, through its wholly owned subsidiary, Larsen & Toubro International FZE, signed definitive agreements with Rolls-Royce’s Power Systems Division for the strategic divestment of integrated marine automation solutions provider Servowatch Systems,” the company said in its statement. The company did not disclose the value of the divestment.
 

“The divestment of Servowatch Systems is in line our stated goal of unlocking value within the existing business portfolio by divesting non-core units,” said SN Subrahmanyan, managing director and chief executive officer (CEO) of L&T.
 

Servowatch is headquartered in Heybridge, Essex, United Kingdom (UK) and has 44 employees in the UK and India. The company delivers integrated marine automation solutions for navies, commercial vessels and large yachts.
 

In August, L&T also concluded the strategic divestment of its electrical & automation (E&A) business to Schneider Electric for Rs 14,000 crore. In its Wednesday's statement, L&T said, “L&T continuously evaluates its business portfolio and takes capital allocation decisions from a long-term perspective. Its exit from the electrical & automation business, as well as Servowatch Systems, is a part of the strategic portfolio review process.”