Larsen & Toubro (L&T) is set to invest Rs 100 crore in Mysore-based Rangsons Electronics for a 40 per cent stake. Rangsons Electronics is a Rs 70 crore electronic manufacturing solutions provider and one of the preferred suppliers for L&T’s electrical & electronics division.
According to sources, the Rs 20,000 crore engineering and construction major is making investment to beef up its presence in the fast-growing EMS market. This division contributes around Rs 2,000 crore to L&T’s top line and is engaged in the business of low-voltage switchgear products, electrical systems, energy meters, medical equipments, petroleum dispensing pumps and automation solutions.
Rangsons Electronics is a part of the diversified N R Sons in Mysore. It employs around 700 people in four manufacturing units. In 2006, it increased capacity by around 50 per cent and has grown at a compounded annual rate of 65 per cent in the last five years.
In addition to L&T, Rangsons is also a major supplier to GE. These two account for around 65 per cent for the company’s top line.
(Source: Business Standard )
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