Larsen & Toubro (L&T) group has said that its electrical and automation unit has acquired Britain-based company Thalest to use its technology for a variety of businesses.
“Thalest/Servowatch’s deep understanding of the control and automation space will open new vistas in other markets and segments,” said S.C. Bhargava, senior vice president and head of L&T Electrical and Automation
Thalest is the holding company of Servowatch Systems Ltd, Bond Instrumentation and Process Control Ltd and Servowatch Inc (USA).
Thalest Limited is engaged in offering Integrated Platform Management System and Integrated Bridge System solutions for naval warships and mercantile marine ships, vessels and floating systems. L&T’s Electrical & Automation business has been present in this space with marine electrical and automation solutions.
The acquisition came as yet another inorganic expansion move by the L&T Group. Last month, L&T Finance Ltd, a public-listed group firm, struck a deal to acquire Fidelity’s Indian mutual fund business, which has AUM of Rs 8,881 crore. In March, L&T Finance Holdings Ltd, the financial services arm of the engineering conglomerate, also acquired Indo Pacific Housing Finance Ltd (IPHFL) (formerly known as AIG Home Finance India Ltd), a Delhi-based housing finance firm.