Larsen & Toubro Infotech (L&T Infotech) has received an approval for transfer of 25.1% stake held by Befula Investments (Pty) in Larsen and Toubro Infotech South Africa (Pty) ('South Africa JV') to Rossex Investments (Pty), in order to broad base the local participation in terms of Broad-Based Black Economic Empowerment Act, 2003 in South Africa. Consequently, the definitive agreements will be executed between the parties to effect the proposed transfer. Further, pursuant to the said transfer, there will be no change in the control of South Africa JV by the Company and the Company will continue to hold 74.9% stake in South Africa JV. The Strategic Investment Committee of the Board of Directors of the Company in its meeting held on September 28, 2017, has approved the same.
Further, Rossex Investments (Pty) is neither related to the Company nor to the Promoter /Promoter group.
Larsen & Toubro Infotech is a global technology consulting and digital solutions company, helping more than 250 clients succeed in a converging world.
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