Larsen & Toubro (L&T) has executed a comprehensive business transfer agreement with its wholly owned subsidiary Vyoma.AI Limited to transfer its Data Centre and Cloud Services Business for ₹1,400 crore and divest its entire stake in L&T Network Services Private Limited (LTNSPL) for ₹30 crore. According to L&T's regulatory filing to BSE, the transaction was executed on a going concern basis through slump sale, with Vyoma issuing and allotting fully paid-up equity shares of face value ₹100 each to L&T, based on valuation determined by an independent valuer. The divestment is expected to be completed on or before October 31, 2026, subject to closing conditions. L&T confirmed that the transaction is a related party transaction and will be carried out on an arm's-length basis.
The Data Centre Business generated ₹36.6 crore in revenue from operations during FY2025-26, representing 0.025% of L&T's standalone revenue. As reported by L&T's regulatory filing, its net worth stood at ₹1,142 crore, accounting for 1.565% of L&T's standalone net worth during the financial year. The consideration for the transfer will be discharged through the issue of fully paid equity shares of Vyoma to L&T, with no change in L&T's shareholding pattern following the transaction. In a separate transaction, L&T Network Services Private Ltd reported ₹1.86 crore turnover and ₹18.31 crore net worth as of March 31, 2026**, with its turnover accounting for 0.001% of L&T's consolidated turnover and net worth representing 0.025%.
Under a separate Share Purchase Agreement, L&T will transfer its 100% equity stake in L&T Network Services Private Ltd to Vyoma for ₹30 crore, subject to closing adjustments. According to L&T's regulatory filing, the consideration will be paid through fully paid equity shares of Vyoma.AI with a face value of ₹100 each. Upon completion, L&T Network Services Private Ltd will become a direct wholly owned subsidiary of Vyoma.AI and an indirect wholly owned subsidiary of L&T. The completion of both transactions is subject to the fulfilment of closing conditions agreed under the business transfer agreement and the share purchase agreement.
Vyoma.AI was incorporated on April 22, 2026, as a newly incorporated public limited company established for setting up data centres and providing infrastructure and technology-enabled services. As reported by L&T's regulatory filing, it had no revenue or net worth for FY2025-26. The transfer of the Data Centre Business is being undertaken through a Business Transfer Agreement and is outside a Scheme of Arrangement. L&T shares closed 0.7% lower at ₹4,040 on the BSE following the announcement, with the stock movement reflecting investor reaction to the strategic divestment. L&T is a USD 32 billion Indian multinational engaged in engineering procurement and construction (EPC) projects, hi-tech manufacturing, products and services, operating across diverse domains and multiple geographies.
