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L&T to acquire 21% stake in E2E Networks in Rs 13.27 billion deal
Industry News- Nov 06,24
E2E Networks specialises in CPU and GPU-based cloud computing platforms, leveraging its relationship with NVIDIA to support large-scale general and AI workloads.
Larsen & Toubro (L&T) will acquire a 21% stake in Indian cloud and AI services provider E2E Networks, involving an all-cash transaction totalling Rs 13.27 billion. This acquisition is part of a broader strategic partnership between the two companies.
The two-part deal involves L&T purchasing 4.17 million equity shares in E2E Networks. Of these, 15% will be acquired via preferential allotment for Rs 10.79 billion at Rs 3,622.25 per share, while the remaining 6% will be purchased directly from E2E Networks' founders for Rs 3.27 billion at Rs 2,750 per share.
Seema Ambastha, CEO, L&T Data Centre and Cloud Business, highlighted the strategic importance of the partnership: “This collaboration allows us to offer scalable and secure cloud solutions, catering to Indian businesses seeking growth, cost optimisation, and AI-driven transformation.”
E2E Networks specialises in CPU and GPU-based cloud computing platforms, leveraging its relationship with NVIDIA to support large-scale general and AI workloads. Under the alliance, L&T will integrate E2E’s cloud and AI platform with its own data centre and cloud expertise, aiming to empower startups and enterprises to accelerate digital transformation across sectors and promote sustainable tech-driven growth in India.
This investment also aligns with L&T's vision of advancing GenAI solutions, enabling a fundamental shift in accelerated cloud computing for Indian organisations. Additionally, L&T will gain the right to appoint up to two directors on E2E Networks' board and will have specific rights regarding the transfer of equity shares held by E2E Networks’ promoters, Tarun Dua and Srishti Baweja.
(Business Standard)
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