Larsen & Toubro Ltd.

Larsen & Toubro (L&T) has entered into a Business Transfer Agreement (Agreement) to transfer the Carved-out Business of Smart World and Communication (SWC) Business Unit to L&T Technology Services (LTTS), a listed subsidiary of the Company. The Agreement has been entered into on January 12, 2023. The closing of sale/disposal will be completed on or before March 31, 2023, subject to satisfaction of conditions precedent identified under the Agreement.

The Agreement for the Slump Sale of the Carved-out SWC business of the Company has been entered into between L&T and LTTS. Carved-out SWC business comprises the smart & safe segment and communications segment (including all software platforms, IPs related to these segments and employees) of SWC business, and excludes the Military Communications segment and certain identified customer contracts (Carvedout Business).

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