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Our Bureau

Mumbai , May 26

LARSEN & Toubro has decided to sell its 50 per cent stake in dairy plant manufacturing joint venture, L&T Niro, to its partner Niro A/S of Denmark for an undisclosed amount.

This is in line with L&T's desire to focus on core sectors with large opportunities for growth, and the company decided to exit the business when it got a proposal from its joint venture partner, said Mr A.M. Naik, Chairman & Managing Director of L&T, in a press release on Thursday. The joint venture dates back to 1992.

Simultaneously, the related business of building plants for the dairy industry will also be transferred to Niro A/S, the release said.

Niro is a part of GEA, a Euro-3-billion major based in Germany.

Mr Neils Graugaard, President, GEA Process Engineering Division, said the company will ensure the availability of the full range of GEA technologies besides integrating the Indian operations into GEA's global activities. This could generate a global market for the Indian operations.

The Indian economy and international markets offer good opportunities in the areas of hydrocarbon, power, infrastructure construction, electricals and electronics and technology services. L&T aims to consolidate its position in these businesses. This divestment is part of the company's strategy to focus on larger businesses with high growth opportunities.

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