SCHNEIDER ELECTRIC (EPA:SU) - The Competition Commission of India approves the combination of Schneider Electric India’s Low voltage and Industrial Automation business with Larsen & Toubro’s Electrical & Automation business
The Competition Commission of India approves the combination of Schneider
Electric India's Low voltage and Industrial Automation business with Larsen &
Toubro's Electrical & Automation business.
Rueil-Malmaison (France), 7 June 2019: Further to the announcement made on 1st
May 2018, the Competition Commission of India ("CCI") has approved the
combination of Schneider Electric India's Low voltage and Industrial Automation
products business and Larsen and Toubro Ltd. ("L&T") Electrical and Automation
business through its decision dated April 18th, 2019 and the issuance of its
detailed order received on June 6th, 2019.
Schneider Electric, the global leader in digital transformation of energy
management and automation, Temasek, a global investment company headquartered
in Singapore and L&T, a leading conglomerate in India will now work together
towards closure of the remaining statutory and financial aspects of the
transaction. The closing of the transaction is expected to take several months.
At the same time, the companies will work to ensure total compliance with the
modifications set out in the CCI order.
Upon closing of the transaction, India will become the third largest country of
Schneider Electric in terms of revenues and one of its key global innovation
and manufacturing hubs.
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Industries. With global presence in over 100 countries, Schneider is the
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Secure Power, and in Automation Systems. We provide integrated efficiency
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