L&T's Electrical Business Acquires UK based Thalest Limited
The Electrical & Automation business of Larsen & Toubro has acquired UK based Thalest Limited, the holding company of Serowatch Systems Ltd, Bond Instrumentation & Process Control Ltd and Servowatch Inc. Terms of the transaction were not disclosed.
Thalest Ltd offers integrated platform management system (IPMS) and Integrated Bridge System (IBS) solutions for naval warships and mercantile marine ships, vessels and floating systems. L&T has been active in this space. L&T alongwith Servowatch supplies IPMS and IBS solutions to the Indian Navy.
Servowatch supplies advanced integrated ship control systems including alarm and monitoring, platform management and bridge, navigation, communication and multimedia packages. It has worked with the navies of US, UK, India, Australia and Thailand.
L&T's electrical and automation business had acquired the switchgear business of Malaysia based Tamco Corporate Holdings for $107Mn in 2008.
L&T on BSE
Last month, L&T Finance acquired FIL Fund Management Private Limited (Fidelity AMC) & FIL Trustee Company Private Limited, the companies carrying on the mutual fund business of Fidelity in India. Before that, L&T Finance forayed into housing finance by acquiring Indo Pacific Housing Finance Ltd.
The company expanded it's defence electronic business by forming a 74:26 JV with Cassidian, a division of European Aerospace And Defence (EADS) Group.
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