L&T sells stake in L&T-Case Equipment to JV partner

Engineering major Larsen and Toubro (L&T) has sold its stake in L&T-Case Equipment Pvt Ltd, to joint venture partner CNH Global NV, it said in a press release Thursday. L&T-Case, a 13-year old 50:50 JV between L&T and CNH will now be renamed as Case New Holland Construction Equipment India (CNHCEI).

March 31, 2011 / 19:34 IST

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Engineering major Larsen and Toubro (L&T) has sold its stake in L&T-Case Equipment, to joint-venture partner CNH Global NV, it said in a press release on Thursday. L&T-Case, a 13-year old 50:50 JV between L&T and CNH will now be renamed as Case New Holland Construction Equipment India (CNHCEI).

"Our decision to exit the JV is part of our ongoing portfolio review and streamlining process. We have an excellent relationship with our partner," JP Nayak, member of L&T board and president of the company said in the press release.

However, the company did not provide any financial details of the transaction.

CNHCEI manufactures and sells construction equipments like backhoe loaders and vibratory compactors.

At 14:50 hours, shares of L&T was trading at Rs 1653, a little changed from its previous close of Rs 1657 on a flat broader market.

first published: Mar 31, 2011 02:57 pm

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