Larsen & Toubro, a USD 13.5 billion technology, engineering, construction, manufacturing and financial services conglomerate, has announced the completion of ownership transactions related to its Group Company – Audco India Limited (AIL). AIL is India’s leading manufacturer of industrial valves and a joint venture with Audco Limited, UK, a wholly owned subsidiary of Flowserve Corporation, USA (Flowserve).
As a result of these transactions, L&T obtains full ownership of AIL and acquires the key product lines, viz. Gate, Globe and Check valves, Forged Steel GGC Valves, Ball Valves, including Trunnion Mounted Ball Valves, Butterfly Valves (including Aquaseal rubber-lined valves and Triple Offset Butterfly Valves. It will retain the manufacturing plants at Manapakkam (Chennai) and Kanchipuram of AIL.
The acquisition is in line with L&T’s overall portfolio rationalization. The deal will help grow L&T’s Valve Business globally with a comprehensive range of valve offerings. Together L&T and AIL will provide cutting-edge flow-control solutions to global oil & gas and power sectors. AIL is a preferred manufacturer for critical valves including cryogenic, low-emission and large-size valves. AIL’s international customers includes world-leaders in oil & gas and global EPC majors. The Company’s high-calibre design team has played a major role in its consistent growth over the years.