Engineering major Larsen & Toubro Ltd (L&T) has acquired UK-based Thalest Group, which offers various solutions for naval warships, mercantile marine ships, vessels and floating systems, for an undisclosed amount.
This deal expands the scope of business under L&T Electrical & Automation (E&A), a core business of the L&T Group.
Thalest is a holding company of Servowatch Systems Ltd, Bond Instrumentation & Process Control Ltd and Servowatch Inc, (USA). It offers integrated platform management system (IPMS) and integrated bridge system (IBS) solutions for naval and marine ships.
Servowatch supplies integrated ship control systems including alarm and monitoring, automation, platform management and bridge, navigation, communication and multimedia packages, for both new-build and retro-fit markets. Its clients include navies of the USA, the UK, India, Australia and Thailand.
“We are approved as an IPMS and IBS supplier for the Indian Navy, together with Servowatch.
Thalest/Servowatch joining the L&T family will help offer cutting-edge technology in the control & automation space, not only for marine application but also for other emerging segments,” said S.C.
Bhargava, senior vice-president and head of L&T Electrical & Automation.
L&T (E& A) operates across various locations including Mumbai, Ahmednagar, Mysore, Faridabad and Coimbatore. It also operates a manufacturing unit in China and will soon start another in Saudi Arabia.
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 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, alsoacquired Indo Pacific Housing Finance Ltd (IPHFL) (formerly known as AIG Home Finance India Ltd), a Delhi-based housing finance firm.