Larsen & Toubro (L&T) on Thursday announced that its tech arm L&T Technology Services (LTTS) will acquire its Smart World and Communication (SWC) business.
L&T’s Smart World and Communication business has an annual revenue of ₹1,000 crore with a networth of ₹440 crore.
The business will be acquired at ₹800 crore and the acquisition will be completed by March 31 as per the company’s stock exchange filing.
The business that was founded in 2016 to cater in smart cities, utilities, and digital infrastructure in providing end-to-end communications, city surveillance and intelligent traffic management system for the central and state government. It also offers lifecycle threat management capabilities, with offerings in risk assessment, threat monitoring, security architecture, and design.
With the acquisition, the company is anticipating that the business will have a global market reach by leveraging the technology services’ global footprint.
Smart World & Communication has created a niche for itself in the domains of communications, cybersecurity, and safe and smart cities. SWC’s combination with a global engineering services player like LTTS will help expand SWC’s offerings across these areas and will help unlock new synergies for LTTS across the technology spectrum,” said SN Subrahmanyan, Chief Executive Officer & Managing Director, Larsen & Toubro Limited.