2012-12-10 | Wuxi
Wuxi, China, December 10, 2012 - Larsen & Toubro International today effects the sale of 100% of its equity in Larsen & Toubro (Wuxi) Electric Co., Ltd. to Wuxi Huawei Group. Larsen & Toubro (Wuxi) Electric focused on producing high-end switchgears and has played an important role in China's huge infrastructure development in recent years. The final agreement has been approved by Chinese authorities and the transaction has been effected.
The transaction, reflecting a strategic repositioning of India's L&T Group, is representative of the kind of work E. J. McKay is engaged in, that of "advising a highly selective group of key clients in accomplishing their strategic initiatives, both in acquisitions and in divestures, and helping them position for industry leadership," commented James Z. Li, CEO of E. J. McKay.
The largest industrial engineering group in India, Larsen & Toubro is a USD13 billion technology, engineering, construction, and manufacturing company with global operations. Its core businesses cover sectors critical to the economy, including oil & gas, refinery, petrochemical, infrastructure, and power.