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HC clears L&T demerger scheme

MUMBAI, APRIL 22. Larsen & Toubro said today that the Bombay High Court had cleared the scheme of arrangement for the demerger of its cement business into Ultra Tech CemCo Ltd.

After receipt of detailed court order, pronounced in the court today, the process of implementation of the scheme would commence and an effective date would be fixed and declared, L&T said in a release. The company, however, would continue to have a residual interest and also have two directors on the demerged entity's board.

After the final demerger, L&T would have 11.5 per cent holding in CemCo, while Grasim would hold 51 per cent along with the management control.

PTI

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