L&T signs MoU with Datar Switchgear

 with Nashik-based Datar Switchgear  (DSL) under a scheme to be

 approved by the Board for Industrial and Financial Reconstruction

 (BIFR). This was announced in a release issued by L&T to the BSE

 today.

 "The acquisition is in line with L&T's plans to expand product range in the

 low voltage electrical business," the release added.

 DSL is engaged in the manufacture of electrical and electronic products.

 Before the merger, DSL will transfer its electronics business and other

 identified liabilities, including the award it has received under an arbitration

 with Maharashtra State Electricity Board and related litigation, to an

 identified company.

 "As part of the arrangement for merger, the company will assume debt of

 approximately Rs 24 crore. The company's equity share capital will not

 undergo any significant dilution post merger," the release added.