IT company L&T Technology Services will acquire Smart World and Communication Business of its parent firm Larsen & Toubro Ltd. in an all-cash deal worth Rs 800 crore.
Smart World & Communication was founded in 2016 to cater to the demands in smart cities, address opportunities and provide smart solutions in the areas of end-to-end communications, city surveillance and intelligent traffic management system for the government as well as enterprises.
L&T Technology Services, in a regulatory filing, mentioned "Rs 800 crore, subject to customary working capital adjustments as set out in the agreement' as consideration for sale".
Smart World & Communication has an employee base of over 700 engineers from diversified technology domains and has crossed an annual revenue of Rs 1,000 crore, L&T Technology Services said in a statement.
Smart World & Communication has expertise in the area of Next-Gen Communications and has been instrumental in the network design, planning, implementation and management including Network Operations Center, OSS, Datacenter, Cloud/Private 5G of over 25,000 locations across India, according to the statement.
Smart World & Communication has also implemented smart metering in states like Uttar Pradesh, Haryana and Delhi to the tune of 6 million meters.
Larsen & Toubro Limited, Chief Executive Officer and Managing Director, SN Subrahmanyan said by combining with a global engineering services player like L&T Technology Services, Smart World & Communication offerings across next-gen networks, smart spaces, and cybersecurity will help unlock new synergies across the technology spectrum.
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