Business

L&T divests U.K. unit to Rolls-Royce

Larsen & Toubro International FZE, a wholly owned subsidiary of Larsen & Toubro Ltd. (L&T), has signed agreements with Rolls-Royce’s power systems division for the strategic divestment of its U.K.-based Servowatch Systems, an integrated marine automation solutions provider.

Servowatch Systems has grown into an internationally recognized provider of Marine Automation platforms over the past eight years of L&T’s ownership. The firm has 44 staff in the U.K. and India, who deliver integrated marine automation solutions for navies, commercial vessels and large yachts, the company said.

“The divestment of Servowatch Systems is as per our stated goal of unlocking value within the existing business portfolio by divesting non-core units,” said S.N. Subrahmanyan, CEO & MD, L&T.

“L&T facilitated the business to develop an award-winning software platform for the latest generation of marine integrated platform management systems that are sold globally to many navies and commercial operators. We believe its partnership with Rolls-Royce and its product and solution brand MTU will pave the way for its further growth.”

In August, L&T concluded the strategic divestment of its Electrical & Automation (L&T E&A) business to Schneider Electric. Currently it is evaluating to divest non-core businesses.

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Printable version | Jan 23, 2021 4:48:09 PM | https://www.thehindu.com/business/lt-divests-uk-unit-to-rolls-royce/article33234365.ece

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