By Olivia Bugault
Schneider Electric SE said Friday that the Competition Commission of India has approved the combination of its low voltage and industrial-automation business in India with the electrical and automation unit of Larsen & Toubro Ltd. (500510.BY).
Schneider Electric said at the beginning of last month that it had reached an agreement to buy Indian conglomerate Larsen and Toubro's unit which would then be combined with its own India's low voltage and industrial-automation business.
"Upon closing of the transaction, India will become the third largest country of Schneider Electric in terms of revenues and one of its key global innovation and manufacturing hubs," the French electrical-equipment and automation provider said.
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