New Delhi: German engineering firm Voith on Sunday said it has acquired the entire stake held by its joint venture partner Larsen & Toubro (L&T) in Kolkata-based firm Voith Paper Technology for an undisclosed amount.
"Voith has acquired the stake previously held by its
long-term joint venture partner Larsen & Toubro Limited –
India’s largest construction and engineering group – in the
Kolkata-based joint venture Voith Paper Technology (India),"
the spokesperson of German firm said to a news agency.
Before the transaction both companies held equal (50:50)
stake in the joint-venture. The share transfer has became
effective on 1 October 2009, it added.
However, when contact L&T company declined to comment.
"The share acquisition through Voith does not mean an end
to the good and trustful cooperation with Larsen & Toubro
Limited," Voith said.
Voith will continue to work closely with its long-term
joint venture partner in the field of manufacturing of
machineries and equipment for pulp and paper production, it
Founded in January 1867, with approximately 42,000
employees and a turnover of Euro 4.9 billion, Voith is today
one of Europe’s large family-owned companies.
First Published: Sunday, October 25, 2009, 12:42