L&T to acquire 21% stake in AI cloud firm E2E Network in Rs 1,327 cr deal
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Engineering conglomerate Larsen & Toubro (L&T) on Tuesday announced it will acquire a 21 per cent stake in an Indian cloud and AI cloud provider, in an all-cash transaction of Rs 1,327 crore.
L&T also announced a strategic partnership with the AI cloud company.
In a two part deal, L&T proposes to acquire a total of 4.17 million equity shares of Networks, or 21 per cent stake. Of this, 15 per cent stake would be an investment via preferential allotment for Rs 1,079.27 crore, the company disclosures said, at Rs 3,622.25/share. The remaining 6 per cent would be acquired from the founder for Rs 327.75 crore at Rs 2,750 per share.
In its BSE disclosure, L&T said, E2E Networks specialises in providing CPU and GPU-based cloud computing platforms, to help its customers carry out large scale general and AI-workloads by leveraging its relationship with NVIDIA.
Giving details, L&T said that under this alliance it will integrate E2E Networks’ cloud and AI cloud platform with its expertise in data center management and cloud solutions towards empowering startups, and enterprises. The collaboration aims to accelerate digital transformation for a diverse range of industries, fostering a technology-driven, sustainable future for India.
L&T added, it is a significant step towards the adoption of GenAI solutions in India to foster a fundamental shift in the way Accelerated Computing on Cloud is used by Indian organisations.
Seema Ambastha, chief executive of L&T Data Center and Cloud Business, emphasised the importance of the partnership, saying, “Collaborating with E2E Networks allows us to offer our clients seamless, scalable and secure cloud experiences. By combining our capabilities, we are delivering a cloud ecosystem designed for businesses in India that want to drive growth, optimise costs and unlock the full potential of AI and digital transformation.”
Part of its BSE disclosures, L&T also noted, post the acquisition, L&T will also have the right to nominate upto two directors on the board of directors of E2E Networks and will also have certain rights and obligations in relation to transfer of equity shares of E2E Networks by Tarun Dua and Srishti Baweja (promoters of E2E Networks).
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