Larsen & Toubro Ltd (L&T) today announced the completion of the share transfer of UK-based defence technology company Thalest group for about £3.2 million (about Rs26 crore).
The Electrical & Automation business of Larsen & Toubro yesterday completed the share sale agreement formalities for the acquisition of Thalest Limited, the company said in a filing with the Bombay Stock Exchange (BSE).
Thalest is the holding company of Servowatch Systems, Bond Instrumentation & Process Control and Servowatch (USA).
Thalest offers integrated platform management system (IPMS) and integrated bridge system (IBS) solutions for naval warships and mercantile marine ships, vessels and floating systems.
L&T's Electrical & Automation business has been present in this space with marine electrical and automation solutions.
Speaking on the acquisition, senior vice president and head of L&T Electrical & Automation, S C Bhargava, said, ''We are approved as an IPMS and IBS supplier for the Indian Navy together with Servowatch. Thalest / Servowatch joining the L&T family will help offer cutting edge technology in control & automation space not only for marine application but also for other emerging segments. Thalest / Servowatch's deep understanding of the control and automation space will open new vistas in other markets and segments.''
Servowatch is one of the leading suppliers of advanced integrated ship control systems, including alarm and monitoring, automation, platform management and bridge, navigation, communication and multimedia packages, into both new build and retro-fit markets.
The company has an extensive experience in dealing with the navies of the US, the UK, India, Australia and Thailand. The company also has wide experience in offering control systems for commercial ships, special purpose craft and land / marine asset management.