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Larsen & Toubro Ltd.
BSE: 500510 | NSE: LT
Large Cap | Engineering - Construction
3867.40
11.50 (0.30%) L&T’s arm to purchase additional 15% stake in joint venture
Date: 14-08-2024Larsen & Toubro’s (L&T) wholly owned step-down subsidiary -- Larsen & Toubro International FZE (LTIFZE) has entered into a Share Purchase Agreement with The Wave Development SPC (Wave) on August 14, 2024, for purchase of additional 15% stake in Larsen & Toubro (Oman) LLC (L&T Oman), an existing Joint Venture between LTIFZE and Wave.
Post completion of the acquisition, LTIFZE shall hold 80% equity stake in L&T Oman. The 15% equity stake is acquired for a consideration of OMR 1.2 million or at a price of OMR 5.49 per share.
L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.