Latest News | LTTS to Acquire SWC Business of Parent Firm for Rs 800 Cr
Get latest articles and stories on Latest News at LatestLY. IT company L&T Technology Services will acquire the Smart World & Communication (SWC) Business of its parent firm Larsen & Toubro Limited in an all-cash deal worth Rs 800 crore.
New Delhi, Jan 12 (PTI) IT company L&T Technology Services will acquire the Smart World & Communication (SWC) Business of its parent firm Larsen & Toubro Limited in an all-cash deal worth Rs 800 crore.
Smart World & Communication (SWC) 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.
Also Read | Himachal Pradesh Receives Fresh Snowfall; More Likely During Next 48 Hours, Says IMD.
LTTS in a regulatory filing mentioned "Rs 800 crore, subject to customary working capital adjustments as set out in the agreement" as consideration for sale. SWC has an employee base of over 700 engineers from diversified technology domains and has crossed an annual revenue of Rs 1,000 crores, LTTS said in a statement.
SWC 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 (NOC), OSS, Datacenter, Cloud/Private 5G of over 25,000 locations across India, according to the statement.
SWC 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 LTTS, SWC offerings across next-gen networks, smart spaces, and cybersecurity will help unlock new synergies across the technology spectrum.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)