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.