Infrastructure major Larsen & Toubro (L&T) today said it has sold its foundry unit at Coimbatore to Bradken Ltd for Rs 163 crore as part of its strategic plan to exit non-core business.
"The company today has completed sale of its casting manufacturing unit (foundry unit) located at Coimbatore to Bradken Ltd," L&T said in a regulatory filing.
The company said it received a consideration of Rs 163 crore from the sale of the foundry unit, which had a revenue of Rs 122 crore in the 2014-15 fiscal.
"The sale of this business is in line with the company's strategic plan to exit non-core businesses and rationalise its portfolio," the company said.
It said it continues to maintain its foundries at Kansbahal, Odisha and L&T Special Steels & Heavy Forgings, Hazira, Gujarat.
Shares of the company closed at Rs 1,193.75 apiece, down 1.03 per cent from the previous close.
Naik said there are over 20 Chief Information Officers
(CIOs) across Group companies, who will sit together to discuss the applications of digital technologies.
The Group's tech arms -- the IPO-bound L&T Infotech and L&T Technology Services which serves the engineering sector -- will also help the companies as part of the exercise, he said.
After the 'digital day' in July, the company will be hosting 'only digital and new-age technology workshop' with professionals from across the world in September, he said.
Speaking at the maiden IPO roadshow for L&T Infotech in the city, Naik said contrary to perception, the company is very important for the Group.
"It is very important, contrary to what many people think that it is not a core business of L&T. According to me, it is the corest of core," he said.
