L&T-Case Equipment: no more after stake sale to partner CNH Global
31 Mar 2011
Engineering and construction major Larsen & Toubro said today it has exited its joint venture L&T-Case Equipment Pvt Ltd by selling its stake to its partner, CNH Global NV.
L&T-Case, a 13-year old 50:50 JV between L&T and CNH will now be renamed as Case New Holland Construction Equipment India (CNHCEI).
"Our decision to exit the JV is part of our ongoing portfolio review and streamlining process. We have an excellent relationship with our partner," J P Nayak, member of L&T board and president of the company said in the press release.
Larsen & Toubro didn't immediately specify how much it sold the stake for.
CNHCEI manufactures and sells construction equipment like backhoe loaders and vibratory compactors.
L&T-Case Equipment, an equal joint venture, was formed to make and sell construction equipment in India.
CNH Global NV makes agricultural and construction equipment.
L&T-Case Equipment operates a facility at Pithampur in Madhya Pradesh.