Deal Street

August 31, 2017

Dsk Legal Advises Imc In $27.18 Million Usd Agreement

Larsen Toubro

It has been said that Larsen & Toubro (L&T) - an Indian multi-national conglomerate has signed a definitive agreement with IMC International Metalworking Companies BV (second largest company for metalworking products, owned by the Warren Buffett-led Berkshire Hathaway Inc.) for Rs 174 crore ($27.18 million USD).

Reportedly, L& T entered into the agreement for the divestment of its entire stake in L&T Cutting Tools (its unlisted and wholly owned subsidiary) to IMC.

The deal is expected to be completed within 90 days from the date of execution of the share sale and purchase agreement. L&T Cutting Tools, incorporated in 1952, manufactures fabricated metal products and had a net worth of Rs 41.4 crore as of March 2017.

DSK Legal partner Tushar Ajinkya and Chirag Jain, Aakriti Dubey and Prachi Gupta advised and assisted IMC International Metalworking Companies in the acquisition.

Link Legal partner, Manish Gupta, along with associate partner Alok Sonker and associate Keya Salot, advised and acted for Larsen & Toubro (L&T) and the company.

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