Published On:May 30 2024
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Schneider Electric Plans ₹850 Crore Investment in Switchgear Firm Acquired from L&T

In a strategic move aimed at bolstering its presence in India's electrical sector, Schneider Electric Group announced on Wednesday its plans to invest a staggering ₹850 crore in Lauritz Knudsen by 2026. Formerly known as L&T Switchgear, Lauritz Knudsen will now operate under the new brand identity of Lauritz Knudsen Electrical and Automation.

Lauritz Knudsen, a key player in offering low-voltage (LV) switchgear, medium-voltage (MV) switchgear, automation solutions, software, and services across diverse segments, will witness a substantial infusion of funds to drive innovation and competitiveness in the global market.

Highlighting the significance of Lauritz Knudsen's role in fostering innovation, Schneider Electric CEO Peter Herweck emphasized the company's commitment to aligning with India's growth narrative. He stated, "Lauritz Knudsen’s vision prioritizes innovation and excellence, aligning closely with India’s growth story."

The integration of L&T Switchgear into the Schneider Electric Group in 2020 marked a strategic move, enabling Schneider Electric to expand its footprint in the electrical and automation domain.

Schneider Electric India MD and CEO, Deepak Sharma, expressed the company's commitment to contributing to India's transformative journey through its 'Two Brands Two Sales' strategy. He affirmed, "Our aim will be to make an even stronger contribution in the transformative journey of India by offering unparalleled choices for our customers."

Underlining its focus on core LV and MV business, Lauritz Knudsen aims to enhance its capabilities in emerging sectors such as renewables power generation and e-mobility solutions. This strategic approach will cater to a diverse range of segments including infrastructure, industries, buildings, homes, and agriculture.

With a robust manufacturing footprint spanning 2.1 million square feet of state-of-the-art factories and a nationwide presence extending across more than 33 offices in over 500 cities, Lauritz Knudsen is poised for significant growth in the Indian market.

Moreover, the company's commitment to skill development is evident through its six strategically located training centers in Pune, Delhi, Vadodara, Lucknow, Coonoor, and Kolkata, which have collectively trained over 4,00,000 professionals.

The announcement underscores Schneider Electric Group's steadfast commitment to driving innovation, excellence, and sustainable growth in India's electrical sector, further solidifying its position as a key player in the country's evolving economic landscape.

HBL





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