Larsen & Toubro International FZE, a subsidiary of L&T Limited on Thursday entered into a Share Purchase Agreement, to acquire a minority stake worth $ 1 million in OPRO.AI Inc, the company announced in an exchange filing.
L&T Group is making this acquisition with the objective of realising business synergies with relevant businesses of the company.
L&T International FZE will receive 869,565 shares of Series A preferred stock.
OPRO.AI is a Delaware corporation that was incorporated in 2021 and is engaged in the business of offering deep learning optimisation software for process industries. The company uses its industrial AI platform, AI techniques, and algorithms to lower energy use, achieve higher yields, reduce emissions, and stabilise operations.
L&T is an Indian multinational company that is engaged in hi-tech manufacturing and services and EPC projects, with operations in over 30 countries worldwide.
On Friday the shares of L&T went up by o.25 per cent at Rs 2,173.15 and on Thursday it climbed for the fourth straight session to hit its 52 week high of Rs 2,173.95 up by 2. 38 per cent on the BSE.
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