Larsen & Toubro (L&T) said that its wholly owned subsidiary L&T International FZE (LTIFZE) has entered into a Share Purchase Agreement to purchase stake in Help Lightning INC.
LTIFZE entered into a share purchase agreement on May 17, 2021 to purchase, 6.35% stake in Help Lightning INC for $2.5 million. This US company has a turnover of about $4 million for the financial year 2020. Help Lightning's total revenue in 2020 was $3.9 million.
L&T informed that this company helps businesses carry out processes more efficiently without the need for experts to travel to sites. Also, extremely useful in minimising disruptions caused by the pandemic. In addition, L&T added the financial returns that may accrue as the company continues to expand its operations and may achieve higher valuation at the time of exit.
Help Lightning INC, registered in State of Delaware on 24 November 2009, offers a patent protected mixed reality platform allowing virtual collaboration for field service operations. It has over 50,000 users in 88 countries. Despite having operations in the United States and it has a captive development centre in Beijing, China.
The announcement was made after market hours yesterday, 18 May 2021. Shares of L&T rose 2.22% to settle at Rs 1417.65 yesterday.
L&T reported 3% rise in consolidated net profit to Rs 3,293 crore on 9% increase in revenues to Rs 48,088 crore in Q4 FY21 over Q4 FY20.
L&T is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 30 countries worldwide.
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