Larsen & Toubro announces acquisition of SiliConch Systems for $1.83 billion, strengthening the Group’s presence in the fabless semiconductor business.
On Tuesday, Larsen & Toubro announced that its subsidiary, L&T Semiconductor Technologies, will purchase Bengaluru-based SiliConch Systems, a fabless semiconductor design company, for $1.83 billion.
This strategic acquisition includes an up-front payment of Rs 133 crore, further supplemented by a deferred amount of Rs 50 crore spread over four years. The acquisition will add IP, engineering skill sets, and design expertise to strengthen the Group’s presence in the fabless semiconductor business, aligning with LTSCT’s overall growth strategy. However, the acquisition is expected to be completed by 15th September 2024.
Additionally, L&T announced that its Precision Engineering Systems business vertical has won an order for part construction of Two Fleet Support Ships (FSS) from M/s Hindustan Shipyard Limited (HSL). The Indian Navy will be the end user of the vessels.
With more than 220 metres in length and approx 45,000 Ton displacement, FSS would be amongst the largest vessels in the Indian Naval Fleet. L&T will construct the two fleet support ships at its greenfield shipyard in Kattupalli, near Chennai on India’s east coast.
