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.
