Engineering and construction giant Larsen & Toubro (L&T) on Wednesday said it has inked a pact with Rolls-Royce to divest its UK-based integrated marine automation solution provider Servowatch Systems. The move, the company said, is part of strategic programme to unlock value.
Currently, its 44 employees in the UK and India deliver integrated marine automation solutions for navies, commercial vessels and large yachts. "L&T, India's leading engineering, procurement and construction projects, manufacturing and services conglomerate, through its wholly-owned subsidiary L&T International FZE signed definitive agreements with Rolls-Royce's Power Systems Division, a global player in power systems, for the strategic divestment of its UK-based integrated marine automation solutions provider Servowatch Systems," the company said in a statement.
L&T bags contract to construct country's longest river bridge
A leading supplier of advanced and innovative integrated ship control systems, Servowatch Systems has grown into an internationally recognised provider of Marine Automation platforms over the past eight years of L&T's ownership, the company said. The company headquartered in Heybridge, Essex, United Kingdom has 44 employees in the UK and India, who deliver integrated marine automation solutions for navies, commercial vessels and large yachts, it said.
S N Subrahmanyan, CEO & MD, Larsen & Toubro, 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. 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," he added.
In August 2020, L&T concluded the strategic divestment of its Electrical & Automation (L&T E&A) business to Schneider Electric, a global player in energy management and automation. L&T continuously evaluates its business portfolio and takes capital allocation decisions from a long-term perspective, the company said adding, its exit from the Electrical & Automation Business, as well as Servowatch Systems, is a part of the strategic portfolio review process.
L&T is an Indian multinational engaged in engineering, procurement and construction projects, manufacturing and services with over USD 21 billion in revenue. It operates in over 30 countries.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
