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L&T Tech picks up 74% stake in Thales Software

The Hindu BusinessLine:  June, 2014

Pune: L&T Technology Services, a wholly owned subsidiary of Larsen and Toubro Ltd, has bought 74 per cent equity stake in Thales Software India Pvt Ltd, a subsidiary of French multinational firm Thales, to strengthen its avionics business.

Thales is a global technology leader in aerospace, transportation and defence and security markets.

Following this deal, L&T Tech will manage and oversee management control, operations and delivery of services of the new joint venture. The collaboration will enhance its expertise in high-end avionics software, L&T said in a statement to the BSE.

With 26 per cent equity stake, Thales will help the company develop the latest trends in the avionics industry.