In a bid to improve performance, Larsen & Toubro (L&T) has been selling its non-core businesses and the latest to join is its switchgear business, according to sources.

Larsen & Toubro (L & T) is negotiating to sell its switchgear business. CNBC-TV18 sources said the company has launched a business sales process of approximately Rs 250 crore.

The company has already received interest from players like Mitsubishi, Panasonic, Hitachi and Honeywell for the business. Private equity businesses have also shown interest in acquiring switchgear assets.

The source also said that L&T has hired an investment bank to carry out the sale process.

L&T, however, refused to comment on the sale process saying it does not confirm or deny market speculation.

In 2015, L & T began selling assets in non-core businesses to improve performance parameters.

Article from:

http://www.moneycontrol.com/