Following L&T?s strategic divestment of its electrical and automation business back in 2020, the company became a part of the Schneider Electric Group. It was unveiled that the company planned to invest Rs 8.50 billion over the next three years through 2026, with a focus on manufacturing, fresh R&D, and innovation.
In its announcement, the company stated its intention to uphold its core values strategically and continue to conceptualise, design, and Make in India, for India and the global market. Peter Herweck, Chief Executive Officer at Schneider Electric, remarked during the occasion that Lauritz Knudsen's vision prioritises innovation and excellence, aligning closely with India?s growth narrative. He further stated that Lauritz Knudsen aimed to strategically invest approximately Rs 8.50 billion over the next three years, reinforcing its role as a significant player in India?s rapidly growing electrical sector.
Peter Herweck also expressed his belief that India holds a solid position for manufacturing ecosystem in the current geopolitical perspective. Deepak Sharma, Zone President ? Greater India, MD & CEO of Schneider Electric India, mentioned that as they embrace the ?Two Brands Two States? strategy in India with Schneider Electric & Lauritz Knudsen brands, their aim would be to make an even stronger contribution in India?s transformative journey.
Sharma additionally noted that the company?s business has been growing at a double-digit rate since the strategic divestment. He stated that the company now exports to about 30 countries across the globe, including Middle East and Africa regions, marking an increase from 10 countries since the divestment.
Lauritz Knudsen, previously known as L&T Switchgear, has been active for over seven decades now, with manufacturing units covering 2.1 million square feet area. The company serves projects and infrastructure including power plants, refineries, water and waste water management, airports, metro, offices, stadiums, universities, and hospitals.