Larsen & Toubro has received an approval for Scheme of Arrangement between L&T Hydrocarbon Engineering, a wholly owned subsidiary of the Company (LTHE) with itself and their respective Shareholders and Creditors which envisages business transfer of the Hydrocarbon Independent Company undertaking along with related assets and liabilities of into LTHE and other consequential matters under the provisions of Sections 391 to 394 of the Companies Act, 1956. The board of directors at its meeting held on May 22, 2013 has approved for the same.
The Company currently holds 100% of the paid-up Equity Share Capital of LTHE. Considering the growth opportunities in the Hydrocarbon sector, the need for strengthening managerial bandwidth etc, it is considered desirable to presently keep LTHE as a wholly owned subsidiary of the Company.
Larsen & Toubro is the biggest legacy of two Danish Engineers, who built a world-class organization that is professionally managed and a leader in India's engineering and construction industry.