your password has been reset successfully, Please login again.

Berkshire Hathaway in talks to buy L&T arm for Rs. 174 crore

Berkshire Hathaway owned IMC International is in discussion to acquire L&t subsidiary L&T Cutting Tools.
BY BEx Bureau
BusinessEx
Aug 17, 2017

Larsen Toubro is in process to divest its entire stake holding of LT Cutting Tools to US-based Berkshire Hathaway.

IT and Infrastructure Company Larsen Toubro divest its entire stake in its wholly-owned subsidiary, LT Cutting Tools, to IMC International Metalworking Companies BV, owned by US-based Berkshire Hathaway Inc, the company said in a filing with stock exchanges.

The company statement further added that the sale transaction is projected to be closed within 90 days from now. This sale is considering as a long term strategy of the company to sell its non-core business and assets in order to generate extra funds that can be used for LT core businesses. The transaction will help the company to raise Rs 174 crore.

LT Cutting tool business total revenues during the last fiscal year stood at Rs. 169.5 crore and represent around 0.15% of LTs consolidated revenue.

Please add your Comment
SIMILAR News
May 25, 2018
The stock dropped 6.56 percent to settle at Rs 288.95 on BSE ...More
By Sanjana Surbhi
May 25, 2018
This was not the first time when Uber made profit quarterly ...More
By Sanjana Surbhi
May 25, 2018
Airtel Payments Bank was the first payments bank to start operations in India ...More
By Sanjana Surbhi
May 24, 2018
The expansion is a part of Transamerica deal with over 430 employees joining the company ...More
By Sanjana Surbhi
May 24, 2018
SoftBank had invested $2.5 billion in Flipkart last year ...More
By Sanjana Surbhi
May 23, 2018
The approval is subject to compliance of "certain modifications" ...More
By Sanjana Surbhi
May 22, 2018
It claims that Google unlawfully collected people's data by using iPhone's default setting ...More
By Sanjana Surbhi
May 22, 2018
IHS markit Ltd is a global information provider based in London, the UK planning to buy Ipreo to sup ...More
By Sanjana Surbhi
May 22, 2018
General Electronic will receive $2.9 billion in cash and 50.1 percent stake ...More
By Sanjana Surbhi
April 12, 2018
New Delhi-based startup Chariot has raised Rs.2 crore funding from GEMS Partners. ...More
By Ritu Marya
April 10, 2018
Yumlane's parent company QwikPik secures Rs.26 crore funding from RB Investments and its existing in ...More
By Ritu Marya
April 05, 2018
Digital lending startup Namaste Credit secures $3.8 million funding from Nexus Venture Partners. ...More
By Ritu Marya