Infrastructure and engineering conglomerate Larsen & Toubro on Friday said that its subsidiary Larsen & Toubro International FZE will buy a minority stake in OPRO.AI Inc, a software major headquartered in Delaware, United State.
The cost of acquisition is a cash consideration of $1 million (approximately Rs 8.21 crore) against which Larsen & Toubro International FZE would receive 8,69,565 shares of Series A preferred stock of OPRO.AI.
As per the filing, Larsen & Toubro International FZE entered into a share purchase agreement on December 8 and the acquisition is aimed at realising business synergies with relevant businesses of L&T Group.
Founded in 2021, OPRO.AI Inc is involved in the business of providing AI based deep learning optimisation software for process industries.
In the September quarter the revenue from M&M business, which falls under L&T's infrastructure projects division, grew 39 percent. L&T recorded orders worth Rs 51,914 crore during the September quarter at the group level, registering a growth of 23 percent compared to last year.
L&T's total consolidated order book as of September 30 stood at Rs 3.72 lakh crore.
Shares of L&T ended 0.8 percent lower at Rs 2,150.
