Schneider-Temasek leads race to buy L&T’s electrical Biz for Rs 17,000 crore – Feedback

Schneider Electric SE, the French industrial multinational along with it’s consortium partner Temasek, has entered final rounds of negotiations with Larsen and ToubroBSE -0.74 % to acquire its electric and automation division for Rs 15,000 – Rs 17,000 crore as India’s largest engineering group looks to prune its portfolio and exit non-core areas, said multiple people aware of the ongoing developments.

Both parties have entered into an exclusivity agreement for bilateral discussions with an aim to close all outstanding matters by this calendar end. The French-Singaporean consortium has edged past the other serious contender Eaton Corporation with its aggressive bidding, the sources mentioned above said. Others who had also earlier also evaluated the target include ABB, Siemens AG, Hitachi, Honeywell and few global buyout funds but eventually opted out because of the high valuation expectations.

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