Schneider Electric announced the completion of the transaction combining Larsen & Toubro’s Electrical & Automation business and Schneider Electric India’s Low Voltage and Industrial Automation Product business. Schneider Electric announced its intention to pursue this transaction in 2018. The combined business, Schneider Electric India Private Limited (SEIPL), is owned 65 percent by Schneider Electric, and global investment company Temasek owns the remaining 35 percent stake. This announcement is in line with Schneider Electric’s vision to further reinforce its presence in India.
SEIPL also announced the appointment of Anil Chaudhry, the current Zone President & Managing Director, of Schneider Electric India, as the CEO of SEIPL and Zone President of India.
SEIPL will integrate over 5,000 employees from L&T’s Electrical & Automation business, which includes its overseas markets of the Middle East and Africa, Indonesia and Malaysia, with over 2,000 of Schneider Electric’s employees.
With a mission of boosting India’s economic growth and supporting the government’s vision of an Atmanirbhar Bharat, SEIPL will provide a wide range of products and technological solutions with pan India geographical reach. SEIPL will go to market with its two distinct portfolio brands, L&T’s Electrical & Automation business and Schneider Electric, along with separate sales teams and partner networks.