Engineering and construction conglomerate Larsen & Toubro (L&T) which is in 10 stock screeners, said today that it has entered into an agreement with former joint venture partner and Japanese firm Kobe Steel, to divest its entire stake in L&T Kobelco Machinery Private Limited. LTKM was a 51:49 joint venture between L&T and Kobe Steel.
LTKM's Total Income during the year 2017-18 was Rs 82 crore, which amounted to 0.07% of the Consolidated Total Income of L&T for the financial year 2017-18. LTKM reported a net worth of Rs 40.13 crore as on 31 March 2018, of which L&T's 51% share of was Rs.20.47 crore. L&T's share is trending lower today post the announcement.