By Ian Walker

Schneider Electric SE (SU.FR) said Tuesday that it and Temasek will buy Larsen & Toubro Infotech Ltd.'s (540005.BY) electrical and automation business for 1.75 billion euros ($2.1 billion).

The French company said it will merge the business with its Indian low voltage and industrial automation product business, and invest EUR430 million into the joint venture.

Temasek, an investment company headquartered in Singapore, will invest EUR430 million in the combined business and have a 35% share. Schneider will hold the remaining 65% of the joint business.

The combined business will have revenues of more than EUR1 billion, Schneider said.

The joint venture board will include a chairperson and five directors appointed by Schneider Electric, and three non-executive directors appointed by Temasek.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

May 01, 2018 08:34 ET (12:34 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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