L&T has across the decades exited from several businesses. These include:
L&T-John Deere
In 1992, L&T established a 50-50 joint venture with John Deere to manufacture tractors in India, called L&T - John Deere. L&T sold their interest to John Deere in 2005.[40]
L&T Case
In 1992, L&T established L&T-Case Construction with CNH Global as a 50-50 joint venture to build backhoes. In 2011, L&T sold its share to CNH, and the company was renamed Case New Holland Construction Equipment India.[41]
L&T Medical Equipment and Systems
In 1987, L&T launched the L&T Medical Equipment & Systems division.[42] In November 2012, it was sold to Skanray Technologies Pvt Ltd.[43] It manufactures surgical robots, MRI, X-ray, DR Imaging etc.
EWAC Alloys Limited
EWAC Alloys Limited was a wholly owned subsidiary of L&T. The company was engaged in design & development, manufacture and supply of special welding electrodes, gas brazing rods and fluxes, welding torches and accessories, atomised metal powder alloys, flux cored continuous wires & wire feeders, polymer compounds & wear-resistant plates.
Prof Wasserman, founder of Eutectic Castolin, and Henning Hock Larsen, founder of L&T, founded the Eutectic Division in India in the year 1962. Eutectic Castolin was later merged into the Messer Group of companies, Germany and referred as Messer Eutectic Castolin (MEC). In 2010, L&T, bought the entire stake from Messer to become the wholly owned subsidiary of it. The current headquarters is in Ankleshwar, Gujarat (India), and the products are sold under the name EWAC.
L&T sold its entire stake in unlisted subsidiary EWAC Alloys to UK-registered ESAB Holdings for a total consideration of Rs 522 crore. The share purchase agreement has been executed on 11 October 2017.[44] The acquirer ESAB offers products for welding and cutting process. In 2012, ESAB was acquired by Colfax Corp., a diversified industrial manufacturing company based in the US.
Petroleum Dispensing Pump (PDP)
In November 2009, Larsen and Toubro (L&T) sold its petroleum dispensing pump (PDP) business to Gilbarco Veeder-Root, a US-based payments systems company, for around Rs 150 crore. Gilbarco has signed a definitive purchase agreement to acquire the business. With the completion of acquisition, L&T's PDP business will become part of a new division called Gilbarco Veeder-Root India Pvt Ltd.[45]
L&T Kobelco Machinery Private Limited
This was a joint venture of L&T and Kobe Steel of Japan, to manufacture internal mixers and twin screw roller-head extruder's for the tyre industry. L&T sold its entire 51% stake in L&T Kobelco Machinery Private to its joint venture partner in the company, Kobe Steel of Japan, for Rs 43.5 crore.[46]
L&T Electrical and Automation Ltd.
L&T was an international manufacturer of electrical and electronic products and systems. The company manufactured custom-engineered switchboards for industrial sectors like power, refineries, petrochemicals and cement.[47] In the electronic segment, L&T offered a range of metres and provides control automation systems for industries. In May 2018, the firm signed a definitive agreement with Schneider Electric for the strategic divestment of its electrical and automation (E&A) business in an all-cash deal of ₹14,000 crore.[48] The deal was completed on 31 August 2020 after receiving the requisite regulatory approvals. L&T has said that its exit from the electrical and automation business is a part of its strategic portfolio review process.[49]
L&T Mutual Fund
L&T Mutual Fund was the mutual fund company of the L&T Group. Its average assets under management (AUM) as of May 2019 is ₹ 73,936.68 crore.[50] On November 26, 2022, L&T Mutual Fund was sold to HSBC.[51]
L&T Infrastructure Development Projects Limited
Larsen & Toubro, signed an agreement to divest its stake in L&T IDPL to a portfolio company of Infrastructure Yield Plus II, an infrastructure fund managed by Edelweiss Alternatives in December 2022. The transaction is subject to completion of customary closing conditions including receipt of applicable regulatory and other approvals.[52]
