Commerce and Industry Minister Suresh Prabhu Wednesday said acquisition of Larsen & Toubro's electrical and industry automation division by Schneider Electric will spur growth in domestic manufacturing in line with the 'Make in India' initiative of the government.
He said this in a meeting with Jean Pascal Tricoire, Chairman and Chief Executive Office, Schneider Electric here today.
This project, combined with Schneider Electric's digital know-how, will result in greater domestic production, increased exports, reduced imports and effectively provide a wide range of product offerings at competitive prices, the commerce ministry said in a statement quoting the minister.
It said that Schneider Electric has entered into an agreement to acquire Larsen & Toubro Electrical and Industry Automation division.
Prabhu also said the project will be one of the largest ever investments in manufacturing sector by a French company in the country.
With the project, India will become the third largest country of operation for Schneider Electric at par with France, it said.
The minister expressed hope that the Schneider Electric will make efforts to develop India as the fourth hub globally to cater to the growing Indian market as well as develop it as the manufacturing and R&D hub for export to other new and emerging markets, including Africa, the Middle East, and South-East Asia.
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