Is Larsen pulling out of another JV

Engineering giant L&T seems to be taking its core focus plan quite seriously. Highly placed sources recently said that the company is planning to exit another JV in its bid to concentrate only on top-end engineering projects.

It has been reliably learnt that the Mumbai-based company wants to opt out of L&T Case Equipment, a 50:50 JV with the US-based CNH America LLC. There is also persistent talk that the American partner has initiated a due diligence exercise to value L&T’s 50% stake, and that Case Equipment officials are likely to visit L&T headquarters this week to finalise the deal.

However when contacted, L&T finance director Y M Deosthalee said,“We’re not aware of any such development.” L&T had recently exited its tractor JV with John Deere, while also selling its glass unit last year to the CK Somani group.