L&T sells petrol dispenser business to Gilbarco of US
18 Nov 2009
Engineering and infrastructure giant Larsen & Toubro has sold its petroleum dispensing pump (PDP) business to US-based Gilbarco Veeder-Root Inc, fuel control service provider, the companies announced on Tuesday.
"The acquisition of the Larsen & Toubro's PDP business unit enhances Gilbarco's position in the one of the highest growth markets for our products and systems," Gilbarco Veeder-Root president Martin Gafinowitz said in a joint press statement.
Larsen & Toubro president (operations) R N Mukhija added, "Gibarco Veeder-Root's brand combined with PDP's team, products and manufacturing capability will be very valuable to the retail fuel customers in this market."
The companies refused to disclose the value of the deal, but reports estimate it to be a little under Rs200 crore.
L&T's PDP business unit manufactures, sells, integrates and services fuel dispensers, LPG equipment and automation system solutions. Fuel dispensers are machines used to pump petrol, diesel, gas or any other fuel at filling stations.
The companies signed an agreement where L&T's PDP unit will become part of Gilbarco Veeder-Root's organisation through a new division called Gilbarco Veeder-Root India. L&T has been making fuel dispensers for at least three decades.