L&T subsidiary purchases stake worth $1 million in Delaware based company

L&T Group is making this acquisition with the objective of realising business synergies with relevant businesses of the company.

FPJ Web DeskUpdated: Friday, December 09, 2022, 12:51 PM IST
article-image
L&T subsidiary purchases stake worth $1 million in Delaware based company | File pic

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

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

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.

L&T Shares

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.

(If you have a story in and around Mumbai, you have our ears, be a citizen journalist and send us your story here. )

(To receive our E-paper on WhatsApp daily, please click here.  To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Earnings 2023 LIVE: HAL, LIC, IRCTC, Adani Total Gas, Pfizer, Zomato, Sula results expected today

Earnings 2023 LIVE: HAL, LIC, IRCTC, Adani Total Gas, Pfizer, Zomato, Sula results expected today

Rupee falls 12 paise to 82.66 against dollar in early trade

Rupee falls 12 paise to 82.66 against dollar in early trade

Petrol, diesel prices, Feb 9: Check rates in Mumbai, Delhi, Chennai and other cities

Petrol, diesel prices, Feb 9: Check rates in Mumbai, Delhi, Chennai and other cities

Opening Bell: Indices open positive; Sensex gains 113 points, Nifty at 17821

Opening Bell: Indices open positive; Sensex gains 113 points, Nifty at 17821

Layoff Season Continues: Disney fires 7K employees to cut costs

Layoff Season Continues: Disney fires 7K employees to cut costs