L&T to sell UK unit Servowatch Systems to Rolls-Royce

New Delhi, Dec 2 : Industrial conglomerate Larsen & Toubro (L&T), through its wholly owned subsidiary Larsen & Toubro International FZE, signed definitive agreements with Rolls-Royces Power Systems Division for the strategic divestment of its UK-based integrated marine automation solutions provider Servowatch Systems.The transaction would be done for an enterprise value of Rs 88.

8 crore, excluding applicable taxes and any applicable post-closing adjustments.The company, headquartered in Heybridge, Essex, UK, has 44 employees in the UK and India, who deliver integrated marine automation solutions for navies, commercial vessels and large yachts.S.N.Subrahmanyan, CEO & MD, Larsen & Toubro, said: "The divestment of Servowatch Systems is as per our stated goal of unlocking value within the existing business portfolio by divesting non-core units.L&T facilitated the business to develop an award-winning software platform for the latest generation of marine integrated platform management systems that are sold globally to many navies and commercial operators.

""We believe its partnership with Rolls-Royce and its product and solution brand MTU will pave the way for its further growth."The transaction is part of L&Ts strategic portfolio review process.