L&T completes Divestment of the Electrical & Automation Business to Schneider Electric

“L&T completes Divestment of the Electrical & Automation Business to Schneider Electric”

Highlights:

1.       The divestment deal announced in May 2018 has been completed after receiving the requisite regulatory approvals and fulfilment of necessary conditions

2.       L&T continuously evaluates its business portfolio and takes capital allocation decisions from a long-term perspective

3.       Its exit from the Electrical & Automation Business is a part of the strategic portfolio review process

4.       About 5,000 employees of the E&A business will become part of Schneider Electric’s global family

5.       The manufacturing facilities of E&A in Navi Mumbai, Ahmednagar, Vadodara, Coimbatore and Mysuru in India and related subsidiaries in UAE, Kuwait, Malaysia and Indonesia are also being transferred to Schneider Electric

6.       The subsidiary in Saudi Arabia, L&T Electrical & Automation Saudi Arabia Company Limited (LTEASA), will be transferred to Schneider, once the requisite regulatory approvals are in place

7.       L&T, over the past five years, in line with its strategy to focus on the EPC and Services business, has exited several businesses. The divestment is in line with L&T’s stated goal of unlocking value for future growth and this deal with Schneider Electric will further strengthen the balance sheet

This strategic divestment is in line with L&T’s stated goal of unlocking value
for future growth

 Larsen & Toubro (L&T), India’s leading engineering, technology, construction and financial services conglomerate, today announced the closure of the strategic divestment of its Electrical & Automation (L&T E&A) business to Schneider Electric, a global player in energy management and automation.

The significant and complex divestment deal, one of its kind in India announced in May 2018 has been completed after receiving the requisite regulatory approvals and fulfilment of necessary conditions. The divestment is in line with L&T’s stated goal of unlocking value for future growth. L&T continuously evaluates its business portfolio and takes capital allocation decisions from a long-term perspective. Its exit from the Electrical & Automation Business is a part of the strategic portfolio review process.

Commenting on the closure of this divestment, Mr. A.M. Naik, Group Chairman, Larsen & Toubro said: “The closure of divestment of the E&A business is a key milestone in our stated long-term strategy. The challenge was to carve out a business of this scale, with minimum disruption to the sprawling customer base and do it all amid the constraints of a pandemic. We believe Schneider Electric is the right partner to grow the business, that L&T had nurtured and grown over decades. We truly believe that this deal with Schneider Electric is a win-win for our employees, business partners, and shareholders.”

Mr. S. N. Subrahmanyan, CEO & MD, Larsen & Toubro said: “This all-cash deal will help us create a much stronger balance sheet, thereby creating long-term value opportunities for our stakeholders by focusing on key aspects of business. The deal was a complex M&A transaction involving slump sale of the domestic business and share purchase transfer. This is in sync with our strategy to look at L&T in broadly three areas, EPC Construction & Projects, Manufacturing & Defence and Services.”

L&T’s E&A business with its wide range of low and medium voltage switchgear, electrical systems, industrial and building automation solutions, energy management systems, metering solutions and projects and services business are transferred to Schneider Electric. Schneider Electric will use related brand insignia for a specified period as the brand is very popular and has a strong brand recall in the switchgear market.

About 5,000 employees of the E&A business will become part of Schneider Electric’s global family. The manufacturing facilities of E&A in Navi Mumbai, Ahmednagar, Vadodara, Coimbatore and Mysuru in India and related subsidiaries in UAE, Kuwait, Malaysia and Indonesia are also being transferred to Schneider Electric. In view of the pending local approvals, the subsidiary in Saudi Arabia, L&T Electrical & Automation Saudi Arabia Company Limited (LTEASA), will be transferred to Schneider, once the requisite regulatory approvals are in place.

L&T, over the past five years, in line with its strategy to focus on the EPC and Services business, has exited several businesses. The recent divestment of its stake in ports, insurance, road concessions and other businesses have all unlocked value and this deal with Schneider Electric will further strengthen the balance sheet.

Shardul Amarchand Mangaldas (SAM) Legal Advisors, Ernst & Young (EY) LLP and Arpwood Capital acted as advisors to L&T on this transaction. 

Amazon Prime Original, ‘Tom Clancy’s

Amazon Prime Original, ‘Tom Clancy’s Jack Ryan’s’ Female Characters are Strong and Bold

Watch the video to get a low down on all the badass women of Jack Ryan: youtu.be/aMp3-vXQsNs

Mumbai, 11^th September 2018: Amazon Prime Original, Tom Clancy’s Jack Ryan has created the right buzz amongst its viewers because of its sentient content! From the ‘not all heroes wear capes’ protagonist, Jack Ryan, to his badass boss, James Greer to strong, independent and empowered women, Jack Ryan has it all.

The show-runners of Tom Clancy’s Jack Ryan have created a modern hero for audiences of the 21^st Century while maintaining his characteristics from the original franchise that made him a hero of the 90’s. Along with the new Jack Ryan, the show also has extremely strong women that play a significant role and make the series worth a watch.

Hanin Ali who is married to Suleiman, the antagonist in the show proves herself an instrumental ally to Jack Ryan and his team. Married off at a young age, she is a devoted mother of three children. She flees to Syria to protect them from Suleiman’s progressively inhuman activities. Cuse and Roland wrote a deeply textured role for Dina Shihabi, who plays Hanin. A Saudi Arabian actress of Palestinian origin, Shihabi starred in the 2014 romantic comedy Amira & Sam before landing what she considers the role of a lifetime.

“As an Arab woman I rarely find female film or TV characters in America — or anywhere, really — who are proactive and fearless like Hanin,”Shihabi says. “She’s not a pushover. Playing Hanin, I get to show her innate strength, which develops even more as she goes on this journey to save her kids. Each choice Hanin makes is about the safety of her children, and I think that’s an incredible thing to connect with as a woman.”

Cathy Mueller is Jack Ryan’s love interest in the show. She is a workaholic doctor specializing in infectious diseases which influences what Jack does later, Cathy Mueller loves her profession and is most at home in her epidemiology lab. She investigates an outbreak of a virulent form of Ebola that may point to something more ominous and might indirectly lead her to the center of the plot without even knowing it.

While speaking about the well-defined and nuanced women characters in the series, John Kranski says, “the women characters had so much more to do than play wives, which I think is important and representative of where we are as a culture.”

Both behind and before the camera, women had significant role to play. The director Patricia Riggen and armourer and weapons specialist Natalia Lee have lent vision and direction to the show. Patricia has managed to beautifully capture the vulnerability and human element to Suleiman’s character through her own style.

Watch the video to get a low down on all the badass women of Jack Ryan:

youtu.be/aMp3-vXQsNs

All episodes of Tom Clancy’s Jack Ryan are now streaming on Amazon Prime Video now