L&T Tech Gets NCLT Nod For Merger With Wholly Owned Subsidiaries

L&T Technology Services Ltd. received approval from the NCLT to merge Esencia Technologies India Pvt., Graphene Semiconductor Services Pvt., and Seastar Labs Pvt.

The company had approved and announced its merger with the three wholly-owned subsidiaries on Oct. 19, 2021, but it was subject to necessary statutory and regulatory approvals.

The proposed scheme will help streamline the entire management structure and channel resources to focus on growing businesses, the National Company Law Tribunal said in a statement.

"The proposed scheme will also stabilise the operating cost of entities and result in synergies, efficient utilisation of capabilities and resources," the statement said.

Esencia is engaged in the business of IT-related solutions, like software and hardware development, services, and consultancy. Graphene is in the business of manufacturing and processing semiconductors and electronic components.

Seastar is engaged in exports, imports, services, consulting, developing, designing, sales and marketing, computer software and hardware programmes.

Shares of L&T Technology Services closed 2% higher at Rs 4,768.95 apiece on the NSE, compared to a 0.18% advance in the benchmark Nifty 50.