)
Shares of Larsen & Toubro were up nearly 2% at Rs 1,441 after the company said its wholly-owned subsidiary L&T Technology Services received approval from the Competition Commission of India to acquire the engineering business of US-based Dell Product and Process Innovation Services.
The proposed transaction will significantly dirve forward L&T Technology Services'position as a premier Engineering Services provider by adding local delivery centres in North America. Dell Engineering Services also has delivery centres in Hyderabad and Bangalore in India, L&T said in a release.
This proposed acquisition enables L&T Technology Service to consolidate its position as preferred vendor in the US $4 billion Tranportation ER&D market, the release said.
The stock opened at Rs 1,405 and touched a high of Rs 1,450 so far. Over 620,000 shares were traded on both the stock exchanges so far.
