L&T to sell subsidiary L&T Cutting Tools for Rs 174 cr

Engineering conglomerate Larsen & Toubro (L&T) on Wednesday plans to divest its entire stake in L&T Cutting Tools for Rs 174 crore. The sale is part of L&T’s larger strategy to focus on core business segments.

“The company has entered into a definitive agreement for the divestment of its entire stake in in L&T Cutting Tools, a wholly owned subsidiary, with IMC International Metalworking Companies BV, a company owned by Berkshire Hathaway Inc,” the company said in its statement to BSE.

L&T which has diversified into various segments and business interests in the last one decade, now looks to streamline