Larsen & Toubro Ltd.

Larsen & Toubro (L&T) has purchased the entire stake held by Chiyoda Corporation (Chiyoda) in L&T-Chiyoda (LTC), a 50-50 joint venture between L&T and Chiyoda, in accordance with the Share Purchase Agreement dated November 22, 2022.

The company is acquiring 45,00,000 shares aggregating to 50% of the shareholding. The acquisition is expected to be completed by December 31, 2022 and the cost of acquisition is around Rs 75 crore. LTC was formed with an objective to provide engineering and related services for the Hydrocarbon industry to support L&T’s EPC business in the domestic and international market.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.