L&T Sells Plastics Machinery Business to Toshiba

Larsen & Toubro has sold its entire stake in L&T Plastics Machinery Ltd to Toshiba Machine of Japan, the company informed the stock exchanges on Aug. 27, without disclosing the consideration for the deal.

This move is in line with its strategy of exiting non-core businesses, L&T said.

L&T Plastics Machinery, a wholly owned subsidiary of L&T, manufactures injection moulding machines. The company reported a turnover of Rs 206 crore and profit of Rs 11 crore for the year 2011–12.