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Mar 13, 2013
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Komatsu set to buy out L&T Stake in joint venture, deal likely to be valued at Rs 600-700 crore
Larsen & Toubro (L&T) is in the final stages of negotiations to sell its 50% stake to Japanese partner Komatsu in their hydraulic equipment manufacturing joint venture, L&T Komatsu. The decision signals the Mumbai-headquartered firm's desire to exit non-core businesses at a time its core engineering and construction operations are under severe stress.L&T Chairman AM Naik and top officials from Komatsu were engaged in hectic negotiations in Mumbai last week and have agreed on a valuation of Rs 600-700 crore for the business. JP Nayak, advisor to the chairman and the key architect behind the restructuring plan, was also part of the talks.
Source -
http://economictimes.indiatimes.com
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