Business News | Following Strategic Divestment, L&T Switchgear Rebrands to Lauritz Knudsen; Announces Rs 850 Crore Investment
Get latest articles and stories on Business at LatestLY. L&T Switchgear, an electrical and automation solution services provider, unveiled its new brand identity, and officially it will now be known as Lauritz Knudsen.
New Delhi [India], May 29 (ANI): L&T Switchgear, an electrical and automation solution services provider, unveiled its new brand identity, and officially it will now be known as Lauritz Knudsen.
This comes after the company became a part of the Schneider Electric Group following L&T's strategic divestment of its electrical and automation business back in 2020.
As part of its new unveiling, it announced plans to invest Rs 850 crore over the next three years through 2026. These new investments will go into manufacturing and for fresh R&D and innovation.
Unveiling its new avatar, the company said it will "strategically uphold its core values" and continue to conceptualize, design, and Make in India, for India and for the globe.
Speaking on the occassion, Peter Herweck, Chief Executive Officer at Schneider Electric, said, "Lauritz Knudsen's vision prioritizes innovation and excellence, aligning closely with India's growth story."
"Lauritz Knudsen aims to strategically invest approximately Rs 850 crores over the next three years, further establishing its role as a significant player in India's rapid growth trajectory in the electrical sector," he added.
Among other things, Herweck believes that India has a "solid position" for manufacturing ecosystem in the current geopolitical perspective.
Deepak Sharma, Zone President - Greater India, MD & CEO of Schneider Electric India, said, "As we embrace the 'Two Brands Two Sates' strategy in India with Schneider Electric & Lauritz Knudsen brands, our aim will be to make an even stronger contribution in the transformative journey of India..."
Sharma added that the company's business is growing at double digit since the strategic divestment was realised.
It is exporting to about 30 countries across the globe, including Middle East and Africa regions, rising from 10 countries since the divestment, he added.
Lauritz Knudsen (formerly known as L&T Switchgear), active for over seven decades now, has manufacturing units covering 2.1 million square feet area. It serves projects and infrastructure including power plants, refineries, water and waste water management, airports, metro, offices, stadiums, universities, and hospitals. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)