Temasek-backed Schneider Electric completed the acquisition of electrical & automation business of Larsen and Toubro for $2bn.

Temasek-backed Schneider Electric, a provider of energy and automation digital solutions, completed the acquisition of electrical & automation business of Larsen and Toubro, an Indian technology, engineering, construction, manufacturing and financial services conglomerate, for $2bn. “The closure of divestment of the E&A business is a key milestone in our stated long-term strategy. The challenge was to carve out a business of this scale, with minimum disruption to the sprawling customer base and do it all amid the constraints of a pandemic. We believe Schneider Electric is the right partner to grow the business, that L&T had nurtured and grown over decades. We truly believe that this deal with Schneider Electric is a win-win for our employees, business partners, and shareholders,” A.M. Naik, Larsen and Toubro Chairman.