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Larsen &Turbo (L&T) has said that it is going to sell its entire stake in L&T Cutting Tools to IMC International Metalworking Companies for Rs 174 crore.
L&T Cutting Tools which is an unlisted unit of the engineering major, had been established in 1952 and offers heavy engineering and manufacturing facilities.
The company has said in a statement that revenues of L&T Cutting Tools was Rs 169.46 crore in fiscal 2017, which is around 0.15% of the group’s consolidated revenues and on March 31. The subsidiary had a net worth of Rs 42.4 crore.
The statement further said that “Subject to customary closing conditions, the sale is expected to be completed within 90 days from the date of execution of the share sale and purchase agreement.”
