Larsen & Toubro today said it has acquired the remaining 26 percent stake in L&T Cassidian Ltd — a joint venture between the engineering conglomerate and Airbus Defence and Space GmbH (Airbus DS).
“The company (Larsen and Toubro Ltd) has completed the purchase of the entire stake held by Airbus Defence and Space GmbH (earlier known as EADS Deutschland GmbH) in L&T Cassidian Ltd (LTCL), a JV between L&T and Airbus DS in accordance with the share purchase agreement,” Larsen and Toubro (L&T) said in a filing to the BSE.
“LTCL is a 74 percent of L&T. Balance 26 percent stake held by Airbus DS has been acquired by L&T at a price as determined by and independent valuer, thus making LTCL a wholly-owned subsidiary,” it said.
LTCL, which is yet to begin commercial operations, was set up to engage in business segments of radars, aviaonics, electronic warfare and mobile segments for defence applications.
Source: Mint