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Larsen & Toubro (L&T), India's top engineering and construction conglomerate with a major presence in the Middle East region, has won approval from the company board for the amalgamation of its wholly-owned unit, L&T Hydrocarbon Engineering, with the parent firm.
The go-ahead was given in the meeting of board of directors held on Monday, reported Press Trust of India, citing a L&T statement to BSE.
"The board of directors of Larsen & Toubro has considered and approved a scheme of arrangement for amalgamation of L&T Hydrocarbon Engineering (LTHE) - a wholly-owned subsidiary of the company - with the company," the report stated.
The merger plan is subject to necessary statutory and regulatory approvals including the approvals of the National Company Law Tribunal/other regulatory authority and the respective shareholders and lenders/creditors of each of the companies involved in the scheme, it added.