Larsen & Toubro to transfer its data center and cloud services biz to Vyoma

Larsen & Toubro has today executed a Business Transfer Agreement (BTA) with Vyoma.AI (Vyoma), a wholly owned subsidiary of the company, for transfer of company's Data Center and Cloud Services Business (DC Business), on a going concern basis, through slump sale, to Vyoma for an aggregate consideration of Rs 1,400 crore, subject to closing adjustments, to be discharged by issue of fully paid equity shares of Vyoma; and the Company, Vyoma and L&T Network Services  (LTNSPL), a wholly owned subsidiary of the company, have today executed a Share Purchase Agreement (SPA), pursuant to which, 100% of the equity held by the company in LTNSPL would be divested to Vyoma, for a consideration of Rs 30 crore, subject to closing adjustments, to be discharged by issue of fully paid equity shares of Vyoma.

Upon closing, LTNSPL would become a direct wholly owned subsidiary of Vyoma and indirect wholly owned subsidiary of the company.