(Reuters) -French industrial tech firm Schneider Electric is in talks to buy the remaining 35% stake in its India unit from minority partner Temasek Holdings, Bloomberg News reported on Wednesday.
The deal, which is worth $1 billion, values Schneider Electric India Pvt at roughly $5 billion including debt, Bloomberg News reported, citing people familiar with the matter.
Indian infrastructure major L&T divested its stake in its electrical and automation business in 2018, resulting in Schneider Electric owning a 65% stake in the Indian firm and Temasek owning the rest.
Schneider Electric and Temasek declined to comment on Bloomberg News’ request.
The French company did not immediately respond to a Reuters’ request, while Temasek declined to comment.
(Reporting by Manvi Pant; Editing by Vijay Kishore and Shreya Biswas)
