Commodities Buzz: Indias L&T seals $2.1 billion deal to sell electrical unit to Schneider

Indias Larsen & Toubro has agreed to sell its electrical and automation business for 140 billion rupees ($ 2.1 billion) to Schneider Electric SE, partnering with Temasek, in the biggest M&A deal announced in the Indian market this year. Schneider Electric will combine the business it is buying with its low voltage and industrial automation products business in India, it said.Schneider will own 65 percent in the combined business, while Singapore state investor Temasek will have a 35 percent stake.