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L&T to sell petrol dispensing pump biz to Gilbarco Inc.
L&T has sold its petroleum dispensing pump unit to US based Gilbarco. In an interview with CNBC-TV18, RN Mukhija, Wholetime Director and President, Operations at L&T spoke about the sale of the unit.
L&T has sold its petroleum dispensing pump unit to US based Gilbarco. In an interview with CNBC-TV18, RN Mukhija, Wholetime Director and President, Operations at L&T spoke about the sale of the unit.
Below is a verbatim transcript of his interview. Also watch the accompanying video.
Q: Can you take us through the details of this sale and what is value of this deal?
A: We have actually signed a business transfer agreement. We have not yet sold it. The business transfer agreement will be followed with certain closing conditions and closing steps which may take maybe 4-6 weeks or more. That is the time we finally transfer the business to this company, Gilbarco which is a part of the Danaher Group, a USD 14 billion company.
Q: How significant was this petroleum dispensing business in your scheme of things and what's the rationale behind exiting this business?
A: This has been a great business for us. Petrol dispensing pump and a couple of other associated activities for the last maybe three and a half decades. It has grown and become a leader in the country. But looking forward we feel that it will be better serving the customers as well as better for our employees and the business if it is in the hands of one of the largest player in this business which is Gilbarco.
