Larsen & Toubro Ltd on Tuesday announced that its wholly owned subsidiary, L&T Semiconductor Technologies Limited has entered into a share purchase agreement to acquire 100 per cent stake in SiliConch Systems Private Limited.
In a regulatory filing, L&T said that the acquisition cost consists of an upfront amount of Rs 133 crore payable at closing, subject to customary closing adjustments, and a deferred amount of Rs 50 crore payable over 4 years.
L&T said that the acquisition is expected to add IP, engineering skill sets and design expertise to strengthen the Group’s presence in the fabless semiconductor business, and this aligns with the overall growth strategy of LTSCT.
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The acquisition is expected to be completed by 15th September 2024.
Amit Anwani Research Analyst Prabhudas Lilladher Pvt Ltd, said, “The end customers of IP’s delivered by SiliConch are OEMs and/or fabless IC companies, primarily in the US, who provide power management systems for smartphones, PCs, automotive, IoT and accessories.
Incorporated in April 2016, SiliConch Systems Pvt Ltd is based out of Bengaluru and specialises in the development and design of semiconductor Intellectual Property (IP) and Integrated Circuits (IC).
Besides this, L&T also announced that its Precision Engineering Systems business vertical has won an order for part construction of Two Fleet Support Ships (FSS) from M/s Hindustan Shipyard Limited (HSL), with the Indian Navy being the end user of the vessels. With more than 220 meter in length and approx 45,000 Ton displacement, FSS would be amongst the largest vessels in the Indian Naval Fleet, the company said.
L&T will construct the two Fleet support ships at its greenfield shipyard at Kattupalli, near Chennai on the east coast of India.
From: financialexpress
Financial News
