L&T shows some spark

L&T continues to remain in the limelight. The company which had stated earlier during the week that it was putting its electric & automation unit for sale seems to have found two very strong contenders.

Schneider Electric SE with Singapore’s Temesek is one and the other is Eaton Corp which have emerged as the top contenders and the talk on the street is that it could fetch L&T as much as Rs.15,000 to 17,000 crore.  These two are said to be more aggressive than the other bidders - Siemens AG, Swedish- Swiss multinational ABB, Hitachi, Honeywell and some other global players.

This electric division had contributed Rs.4650 crore to L&T’s FY17 revenue and the selling of this unit is a part of its strategic selling off of non-core business.

The stock had closed yesterday at Rs.1124.40 and today, it went up to Rs.1132 and now remains around the same levels.