New Delhi, Aug 11: Infrastructure major Larsen & Toubro (L&T) on Tuesday said it has entered into an agreement to transfer its data centre and cloud services business to wholly owned subsidiary Vyoma.AI Ltd for Rs 1,400 crore.
The transfer will be carried out on a going-concern basis through a slump sale, the company said in a filing to BSE. The consideration, subject to closing adjustments, will be discharged through the issue of fully paid-up equity shares of Vyoma.AI.
"Consideration estimated to be Rs 1,400 crore, subject to closing adjustments. The consideration for the ....transfer shall be discharged by Vyoma through issuance and allotment of fully paid up equity shares of face value of Rs 100 each to the company, based on the valuation determined by an independent valuer," the filing said.
Transfer of LTNSPL stake
In a separate transaction, L&T, Vyoma.AI and L&T Network Services Pvt Ltd (LTNSPL) have entered into a share purchase agreement for the transfer of L&T’s entire equity holding in LTNSPL to Vyoma.AI for Rs 30 crore, subject to closing adjustments.
"The expected date for completion of the sale of LTNSPL is on or before October 31, 2026," the filing said.
The consideration for the transaction will also be discharged through the issue of fully paid-up equity shares of Vyoma.AI.
Following completion of the transaction, LTNSPL will become a direct wholly owned subsidiary of Vyoma.AI and an indirect wholly owned subsidiary of L&T.
"An amount of Rs 30 crore shall be discharged by Vyoma.AI Limited through issuance and allotment of fully paid-up equity shares of face value of Rs 100 each to the Company upon completion of the transaction, subject to closing adjustments," it said.
Completion conditions and details
The completion of both transactions is subject to the fulfilment of closing conditions agreed under the business transfer agreement and the share purchase agreement, the filing said.
LTNSPL reported turnover of Rs 1.86 crore and net worth of Rs 18.31 crore as of March 31, 2026. Its turnover accounted for 0.001 per cent of L&T's consolidated turnover, while its net worth represented 0.025 per cent.
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About Vyoma.AI and L&T
Vyoma.AI is a newly incorporated public limited company established for the purpose of establishing data centres for providing infrastructure and technology-enabled services.
Larsen & Toubro is a USD 32 billion Indian multinational engaged in engineering procurement and construction (EPC) projects, hi-tech manufacturing, products and services, operating across diverse domains and multiple geographies.
With a strong impetus towards AI & technology, customer–focussed approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.
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