New Delhi: Infrastructure major Larsen and Toubro (L&T) Thursday said it has completed the acquisition of its group firm, Audco India Ltd.
Audco, a leading domestic valve manufacturing company, was established by L&T through a joint venture with UK's Audco Ltd. The Indian unit commenced manufacturing operations in 1962.
"...Today announced the completion of ownership transactions related to its group company Audco India Ltd (AIL)... As a result of these transactions, L&T obtains full ownership of AIL and acquires the key product lines, viz, Gate, Globe and Check valves, Forged Steel GGC valve...," the company said in a statement.
It added that L&T will retain the manufacturing plants of AIL at Manapakkam, Chennai and Kanchipuram.
The company, however, did not disclose the deal value. The shareholding structure of AIL, prior to the deal, was not immediately available.
“The acquisition is in line with L&T's over all portfolio rationalisation. The deal will help grow L&T's valve business globally with a comprehensive range of valve offerings," it added.
According to the website of Audco India, the company is one of the largest integrated valve manufacturers in the world and has two independent manufacturing plants at Manapakkam, Chennai and Kanchipuram, which are capable of producing thousands of valves.