L&T to divest medical equipment business

Move part of co's strategy to sell non-core business units, reallign business portfolios

Engineering and construction major Larsen & Toubro on Friday said it is selling its medical equipment business based at Mysore to Skanray Healthcare. the company did not disclose financial details of the transaction.  Skanray Healthcare is engaged in the business of diagnostic imaging products and primary health care devices.

“L&T has agreed to sell its medical equipment business based at Mysore to Skanray Healthcare Pvt Ltd,” the infrastructure major said in a filing to the BSE.

The decision to hive off the medical equipment business is part of L&T's strategy to sell non-core business units and realign its business portfolios. The company has been attempting to sell its medical equipment business since 2008 and had secured share holders approval for the same.  Last year L & T had   total consolidated sales (Rs 64,313 crore) and profit of Rs 4,682 crore) and medical equipment business is a fraction of it

 

This is the second such divestment done in the last few months. In August the company sold  its entire stake in  the plastic machinery business to Japan’s Toshiba Machine Co Ltd for an undisclosed sum.