Larsen & Toubro (L&T), India’s top engineering and construction conglomerate with a major presence in the Middle East region, has announced that it has won approval from the company board for the amalgamation of its wholly owned unit, L&T Hydrocarbon Engineering, with the parent firm.
In a statement to Bombay Stock Exchange (BSE), the company said that the go ahead was given in a meeting of the board of directors on Monday, August 2nd, 2021.
“The board of directors of Larsen & Toubro has considered and approved a scheme of arrangement for amalgamation of L&T Hydrocarbon Engineering (LTHE) – a wholly-owned subsidiary of the company – with the company,” the statement said.
It added that the merger plan is subject to necessary statutory and regulatory approvals including the approvals of the National Company Law Tribunal/other regulatory authority and the respective shareholders and lenders/creditors of each of the companies involved in the scheme.
