Temasek mulling over exit from Schneider Electric India venture
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Temasek has been discussing options, including a sale of its minority stake in the joint venture to Schneider or another party.
PHOTO: ST FILE
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Hong Kong - Singapore’s Temasek is weighing a potential exit from an Indian joint venture with Schneider Electric, people with knowledge of the matter said.
Singapore’s investment company has been discussing options including a sale of its minority stake in the joint venture to Schneider or another party, the people said, asking not to be identified because the information is private. An initial public offering is another option that Temasek has considered, according to the people.
Schneider said in 2020 that it had completed a deal to merge its Indian low voltage and industrial automation product unit with Larsen and Toubro’s electrical and automation operations. The combined business, known as Schneider Electric India, is 65 per cent owned by the French company with the remainder held by Temasek, according to a statement at the time.
Deliberations are at an early stage, and it is unclear what form a transaction may ultimately take, the people said. Representatives for Temasek and Schneider declined to comment.
Schneider, one of France’s oldest and biggest industrial companies, has evolved from primarily a maker of electrical gear to a provider of software and equipment for buildings, data centres and factories. BLOOMBERG
