L&T sells UK marine tech arm Servowatch Systems to Rolls-Royce

Mumbai: Engineering major Larsen & Toubro has signed a pact to sell its UK-based integrated marine automation solutions unit Servowatch Systems to Rolls-Royce, the two companies announced on Wednesday.

The divestment is a part of L&T’s strategy to exit non-core businesses and consolidate operations.

Rolls-Royce said the asset will significantly expand the ship automation division of its MTU product and solution brand of its power systems business.

The companies have not disclosed the deal size.

L&T’s wholly owned subsidiary Larsen & Toubro International FZE runs Servowatch Systems that is headquartered in Heybridge, Essex. The unit has 44 employees in the UK and India who work on integrated marine automation solutions for navies, commercial vessels and large yachts.

“The divestment of Servowatch Systems is as per our stated goal of unlocking value within the existing business portfolio by divesting non-core units,” S N Subrahmanyan, CEO and MD of Larsen & Toubro, said in a statement. “L&T facilitated the business to develop an award-winning software platform for the latest generation of marine integrated platform management systems that are sold globally to many navies and commercial operators. We believe its partnership with Rolls-Royce and its product and solution brand MTU will pave the way for its further growth.”

Note: - As every caution has been taken to provide our readers with most accurate information and honest analysis. Please check the pros and cons of the same before making any decision on the basis of the shared details.