Larsen & Toubro Sells Coimbatore Foundry Unit for Rs 163 Crore

New Delhi: Infrastructure major Larsen & Toubro (L&T) on Friday said it has sold its foundry unit at Coimbatore to Bradken Ltd for Rs 163 crore as part of its strategic plan to exit non-core business.

"The company today has completed sale of its casting manufacturing unit (foundry unit) located at Coimbatore to Bradken Ltd," L&T said in a regulatory filing.

The company said it received a consideration of Rs 163 crore from the sale of the foundry unit, which had a revenue of Rs 122 crore in fiscal year 2014-15.

"The sale of this business is in line with the company's strategic plan to exit non-core businesses and rationalise its portfolio," the company said.

It said it continues to maintain its foundries at Kansbahal, Odisha and L&T Special Steels & Heavy Forgings, Hazira, Gujarat.

Shares in L&T, on Friday, ended 1.03 per cent lower at Rs 1,193.75 apiece on the BSE, whose benchmark Sensex index finished up 0.16 per cent.