Infrastructure firm Larsen & Toubro (L&T) has sold its petroleum dispensing pump (PDP) business to US-based Gilbarco Veeder-Root for an undisclosed amount.
"The acquisition of the Larsen & Toubro's PDP business unit enhances Gilbarco's position in the one of the highest growth markets for our products and systems," Gilbarco Veeder-Root President Martin Gafinowitz said in a joint press statement.
Commenting on the deal, Larsen & Toubro President (Operation) R N Mukhija said: "Gibarco Veeder-Root's brand combined with PDP's team, products and manufacturing capability will be very valuable to the retail fuel customers in this market."
However, the companies did not disclose the value of the deal, saying it was kept confidential.
The company's PDP business unit manufactures, sells, integrates and services petroleum dispensers, LPG equipment and automation system solutions.
Gilbarco Veeder-Root, wholly-owned by Danaher Corporation, is a leading supplier of integrated fuel control, site management and support services for petroleum.
The statement said that Sudhanshu Chhabra would become the managing director for all of Gilbarco's India business.