L&T to exit plastics machinery business

August 27, 2012 10:19 pm | Updated 10:19 pm IST - MUMBAI:

Larsen & Toubro, on Monday, said it had signed a share sale and purchase agreement (pending final closing conditions) with Toshiba Machine Co., Ltd. (TMC) of Japan to sell its entire stake in L&T Plastics Machinery Ltd (LTPML), as part of its strategic roadmap to exit non-core businesses and rationalise its portfolio.

LTPML, a wholly owned subsidiary of L&T, manufactures and markets injection moulding machines.

L&T started manufacturing injection moulding machines in 1990 in joint venture with Mannesmann Demag Kunstofftechnik, the erstwhile Demag Plastics Group.

In March 31, 2009, L&T acquired the equity formerly owned by Demag to form LTPM.

Its facilities in and around Chennai incorporate some of the most advanced systems for design and research, hydraulics and mechanical construction.

Bags Rs.2,051 cr contracts

Meanwhile, L&T has bagged Rs.1,302-crore order from the Petroleum Development Oman for the Saih Rawl Depletion Compression phase-2 project.

It has also secured Rs.749 crore offshore contract from ONGC.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.