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Larsen & Toubro (L&T) has decided to sell its unit to Bradken Limited for Rs 163 crore

Foundry Unit, India, L & T,

Returns of the foundry unit for the fiscal 2015 was Rs 122 crore & the percentage involvement of the unit by revenue & net worth is less than 1%, stated L&T in a publication to BSE

On November 2015 the business transfer agreement was signed & it’s now completed.

An Australian-listed entity, Bradken India, through its Indian subsidiary attained the foundry unit. Bradken is a global supplier & manufacturer of consumable & capital products to the transport, mining, contract manufacturing markets & general industrial.

Bradkeh has 52 facilities, sales and service facilities across New Zeland, Australia, China, UK, US, Malaysia, Indonesia & Canada.

The trade of this business is in line with the company’s strategic plan to exit non-core business & rationalise its portfolio. The company carries on to maintain its foundries at Kansabahal, Odhisha and L&T Special Steels and heavy Forgings, Hazira, Gujarat.

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