NEW DELHI — Private-sector Indian defense major Larsen & Toubro (L&T), through its subsidiary L&T Technology Services, has acquired a 74 percent stake in Thales Software India and will retain 26 percent equity in the joint venture.
With the equity takeover, L&T Technology Services which has an equity capital of $30.8 million, will take full management control of the operations of Thales Software India, a local subsidiary of French systems company Thales.
An executive with L&T Technology Services said the joint venture will provide customers with a single source of best service in the aerospace industry and brings together the strategic strengths of both Thales and L&T.
“This collaboration adds to L&T Technology Services’ growing competencies by enhancing its expertise in high-end avionic software,” L&T Technology Services said in a statement.
A Thales executive in India said the joint venture will enable the French company to select L&T as its offset partner and reaffirms the commitment of Thales to spread its footprint in India in the long run.
Larsen & Toubro has annual sales of $3.3 billion. ■