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L&T Technology Services to acquire L&T’s Smart World & Communication business

SWC's business will be acquired for Rs 800 crore, its statement said. The acquisition will be completed in three months.

January 12, 2023 / 09:14 PM IST
According to LTTS, SWC business generated Rs 1,098 crore in annual revenue for FY 2021-22. (Representative Image)

According to LTTS, SWC business generated Rs 1,098 crore in annual revenue for FY 2021-22. (Representative Image)

 
 
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Pure-play engineering services company L&T Technology Services Limited (LTTS), a listed subsidiary of Larsen & Toubro Limited (L&T), announced on January 12 an agreement to acquire the parent company's Smart World & Communication (SWC) business, which was founded in 2016 to cater to the demands in smart cities, smart utilities, and digital infrastructure.

SWC's business will be acquired for Rs 800 crore, its statement said. The acquisition will be completed in three months, subject to satisfaction of conditions precedent identified under the agreement.

According to LTTS, SWC business generated Rs 1,098 crore in annual revenue for FY 2021-22.

SWC is an intelligence solution provider operating in three segments – communications, safe & smart solutions, and cybersecurity. LTTS said this acquisition will allow it to combine synergies and bring next-gen communications, sustainable spaces, and cybersecurity offerings to the global market.

LTTS and SWC believe that by working together, they will be in a better position to continue to win and execute large-scale 5G transformational programmes in India and around the world.

Commenting on the agreement, S N Subrahmanyan, Chief Executive Officer & Managing Director, Larsen & Toubro Limited said, “Smart World & Communication has created a niche for itself in the communications and smart spaces domain across developing markets. By combining with a global engineering services player like LTTS, its offerings across next-gen networks, smart spaces, and cybersecurity will help unlock new synergies across the technology spectrum."

Amit Chadha, CEO & Managing Director, L&T Technology Services, said, “The acquisition of SWC is a progression of LTTS’ 6 Big Bets strategy with a direct bearing on 5G, Digital Products & AI, and Sustainability. SWC’s capabilities will enhance LTTS’ differentiation in the exciting field of next-gen communications with cutting-edge solutions around 5G networks, and sustainable spaces, along with a full stack of cybersecurity solutions to our global clientele."

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