Schneider Electric Gets Indian Approval to Combine Business With Larsen & Toubro
June 07 2019 - 4:04AM
Dow Jones News
By Olivia Bugault
Schneider Electric SE (SU.FR) said Friday that the Competition
Commission of India has approved the combination of its low voltage
and industrial-automation business in India with the electrical and
automation unit of Larsen & Toubro Ltd. (500510.BY).
Schneider Electric said at the beginning of last month that it
had reached an agreement to buy Indian conglomerate Larsen and
Toubro's unit which would then be combined with its own India's low
voltage and industrial-automation business.
"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," the French
electrical-equipment and automation provider said.
Write to Olivia Bugault at olivia.bugault@dowjones.com
(END) Dow Jones Newswires
June 07, 2019 03:49 ET (07:49 GMT)
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