 "Foundry image via Shutterstock.")
Larsen & Toubro Ltd (L&T) has completed sale of its casting manufacturing unit (foundry unit) at Coimbatore, Tamil Nadu, to Australia's Bradken for Rs 163 crore. The foundry unit, which contributed less than 1 percent to the company's revenue, registered a revenue of Rs 122 crores in FY15.
The sale of this unit is in line with L&T's strategic plan to exit non-core businesses and rationalise its portfolio. The company continues to maintain its foundries at Kansbahal (Odisha) and L&T Special Steels & Heavy Forgings in Hazira (Gujarat).
Bradken is a global manufacturer and supplier of capital and consumable products to mining, transport, general industrial and contract manufacturing markets. Bradken has 52 manufacturing, sales and service facilities throughout Australia, New Zealand, UK, China, US, Canada, Malaysia and Indonesia. For the financial year ending June 2015, Bradken had consolidated revenues of $ 1 billion.
