Schneider Electric completes transaction to combine its Low Voltage and Industrial Automation business in India with Larsen & Toubro’s Electrical & Automation business
New Delhi, Delhi, India
- India set to become the third largest country in terms of revenues for Schneider Electric
- Make in India: Schneider Electric reiterates commitment for Schneider India to become an innovation and manufacturing hub for Low Voltage and Industrial Automation products for India, as well as new economies
- Anil Chaudhry is appointed the CEO of the combined business / Schneider Electric India Private Limited
In line with the Company’s vision to further reinforce its presence in India, Schneider Electric – the global leader in digital transformation of energy management and automation, today shared, following the earlier announcement in 2018, the success of completion of the transaction combining Larsen & Toubro’s Electrical & Automation business and Schneider Electric India’s Low Voltage and Industrial Automation Product business. The combined business – Schneider Electric India Private Limited (“SEIPL”), is owned 65% by Schneider Electric, and global investment company Temasek owns the remaining stake. SEIPL also announced the appointment of Anil Chaudhry – the current Zone President & Managing Director, of Schneider Electric India – as the CEO SEIPL and Zone President India. A virtual day-long ‘welcome’ event will flag off Day 1 of operations of SEIPL.
SEIPL will see the integration of over 5000 employees from L&T’s Electrical & Automation business which includes its overseas markets of Middle East and Africa, Indonesia and Malaysia, with over 2,000 of Schneider Electric’s employees.
With a mission of boosting India’s economic growth and supporting the government’s vision of an Atmanirbhar Bharat, SEIPL will provide a wide range of products and technologically superior solutions with pan India geographical reach. SEIPL will go to market with its two distinct portfolio brands, L&T’s Electrical & Automation business and Schneider Electric, along with separate sales teams and partner networks.
Jean-Pascal Tricoire, Chairman & CEO, Schneider Electric said, “The coming together of Schneider Electric and L&T’s Electrical & Automation business combines two great teams, highly professional and specialised in the space of energy management and automation, and passionate about technology, innovation, quality, safety, sustainability, and social responsibility. This newly merged company will serve the priorities of India: Make in India for India and the rest of the world, Digital India, Skill India, Sustainable Energy, Smart Cities & Infrastructure for self-reliance, to bring tremendous value to our customers and stakeholders, employees, partners, suppliers, and community in which the company develops. We are also proud to partner with Temasek, who bring along their deep knowledge of India, and their coaching to help developing the export of the company. This major strategic move will make India, Schneider Electric’s third largest business in the world, and one of the four major global Schneider hubs for global R&D, global manufacturing. We shall also keep growing our already significant export from our Indian factories. Anil Chaudhry will lead the new entity as its CEO and bring his deep expertise in digitisation and electrification as well as his passion for the cause of digital solutions for efficiency and sustainability”.