Larsen Electric Business on Sale
Larsen and Turbo had put its electric division on sale and the top contenders reported were Schneider and Eaton. The bid was Rs. 15, 000 to Rs. 17, 000 Crores. With this bid out, there were a lot of contenders who wanted to claim this high-value asset of the world’s most renowned company L&T.
How the two companies managed to reach the top of the bids?
This company partnered with Temasek to be able to win this new bid. Temasek is a state investment company based out of Singapore. On the other hand, Eaton has been on re engaging terms with L&T. This is happening since 2011, where both companies have been in by lateral talks about business.
Other bidders in the deal
While Eaton and Schneider managed to reach the top bid, the other bidders were found to be –
- Siemens AG
- Swedish Swiss MNC, ABB
Who may win the bid?
While speculations are still on, it has been reported that Schneider’s may be the top bidder at the moment as it has easily given out a bid of Rs. 17, 000 Crores and hence is the top most as on date. Clarity will be sent out only once the panel actually sits and has a look on each bid that is submitted.
Results to be out soon
The bidding is expected to end by the end of this month and that is when the true facts and figures will be out in the market. Right now, any and all spokespersons of all associated companies have refused to give out any kind of information to any media person. Every company has bid their rates and it is up to L&T to evaluate and let the suspense break by announcing the winner of the bid.