frastructure major Larsen & Toubro (L&T) on Wednesday said it would offload its entire stake in L&T Kobelco Machinery Private Ltd for around Rs 43.5 crore.
Larsen & Toubro (L&T) and Kobe Steel have signed an agreement to this effect.
L&T Kobelco Machinery Private Ltd (LTKM) is a joint venture between L&T and Kobe Steel, wherein Larsen & Toubro holds 51% stake.
“L&T has entered into a definitive agreement with Kobe Steel Ltd, a company registered in Japan, on April 2, 2019, for the divestment of its entire stake in L&T Kobelco Machinery Private Limited,” L&T said in a regulatory filing to the BSE. Following the divestment of stake, LTKM will cease to be L&T’s subsidiary. LTKM’s total income during the year 2017-18, was recorded at Rs 82.03 crore.