India: Competition Comm gives nod to Schneider-L&T deal

The Competition Commission of India (CCI) stated on Thursday, April 18, it has given approval to Schneider’s acquisition of Larsen & Toubro’s electrical and automation business.

However, the deal is subject to compliance of certain modifications, the CCI stated.

The green signal comes after the regulator had sought comments from the public in November last year on the proposed acquisition by Schneider after finding that it could have an adverse impact on competition.

In a tweet, the CCI wrote it “approves acquisition of electrical and automation business of L&T by Schneider and MacRitchie, subject to compliance of certain modifications.”

In May 2018, Larsen & Toubro had inked a definitive pact with Schneider Electric to sell its electrical and automation business for an all-cash consideration of Rs 14,000 crore (US$2 billion), as part of its long-term strategy to exit non-core activities.

Full Content: Business Standard

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