Larsen and Toubro (L&T) announced that it has sold its stake in L&T-CASE Equipment to its joint venture partner CNH Global NV, a global player in the agricultural and construstion equipment business.
CNH has acquired full ownership of L&T-CASE, an unconsolidated JV established in 1999 to manufacture and sell construction equipment in India. The new company will be known as Case New Holland Construction Equipment India.
“Our decision to exit the JV is part of our ongoing portfolio review and streamlining process,” said J P Nayak, Member of L&T Board and President, in a press statement issued to the Bombay Stock Exchange.
Case New Holland Construction Equipment India employs more than 600 people, operates a production facility in Pithampur in Madhya Pradesh and a distribution network of 56 dealers and 144 outlets.
“This is an important step in our long term commitment to consolidate our construction equipment business in India and in other export markets and to develop a manufacturing base in India fully integrated in the CNH worldwide industrial footprint,” Harold Boyanovsky, President and CEO CNH Global NV.
