Transaction Details

1. Business Transfer Agreement (Data Center Business)

  • Parties: Larsen & Toubro Limited (Transferor) and Vyoma.AI Limited (Transferee)
  • Date of Agreement: August 11, 2026
  • Business Transferred: Data Center and Cloud Services Business (DC Business)
  • Transfer Method: Slump sale on a going concern basis
  • Consideration: ₹1,400 crore, subject to closing adjustments
  • Payment Method: Discharge through issuance of fully paid equity shares of Vyoma.AI Limited (face value ₹100 each)
  • Valuation Basis: Determined by an independent valuer
  • Expected Completion Date: On or before October 31, 2026

2. Share Purchase Agreement (LTNSPL Stake)

  • Parties: Larsen & Toubro Limited (Seller), Vyoma.AI Limited (Buyer), L&T Network Services Private Limited (Target)
  • Date of Agreement: August 11, 2026
  • Stake Divested: 100% equity holding in L&T Network Services Private Limited
  • Consideration: ₹30 crore, subject to closing adjustments
  • Payment Method: Discharge through issuance of fully paid equity shares of Vyoma.AI Limited (face value ₹100 each)
  • Expected Completion Date: On or before October 31, 2026
  • Post-transaction Structure: LTNSPL becomes direct wholly-owned subsidiary of Vyoma and indirect wholly-owned subsidiary of L&T

Financial Impact Assessment

Data Center Business Financials (FY 2025-26 Standalone)

  • Revenue from Operations: ₹36.6 crore
  • Percentage of L&T's Total Revenue: 0.025%
  • Net Worth: ₹1,142 crore
  • Percentage of L&T's Total Networth: 1.565%

L&T Network Services Private Limited Financials (as of March 31, 2026)

  • Turnover: ₹1.86 crore
  • Percentage of L&T Consolidated Turnover: 0.001%
  • Networth: ₹18.31 crore
  • Percentage of L&T Consolidated Networth: 0.025%

Corporate Structure and Relationships

  • Vyoma.AI Limited: Wholly-owned subsidiary of Larsen & Toubro Limited, incorporated on April 22, 2026
  • Business Purpose: Established for establishing data centers providing Infrastructure and Technology enabled Services
  • L&T Network Services Private Limited: Wholly-owned subsidiary of Larsen & Toubro Limited
  • Related Party Status: Both transactions qualify as related party transactions
  • Arm's Length Basis: Both transactions are being carried out at arm's length

Transaction Rationale and Structure

  • Business Transfer Method: Slump sale outside Scheme of Arrangement
  • Consideration Settlement: Entire consideration through equity issuance by Vyoma
  • Closing Conditions: Subject to fulfilment of conditions agreed in BTA and SPA
  • Group Structure Rationalization: Consolidation of data center and related services under Vyoma.AI Limited

Company Background

  • Larsen & Toubro Limited: Diversified industrial conglomerate engaged in construction, engineering, manufacturing, technology, global infrastructure and industrial machinery across sectors including infrastructure, precision engineering, hydrocarbon, heavy engineering, energy, shipbuilding, aerospace, mining and minerals.
  • Vyoma.AI Limited: Newly incorporated public limited company with no financial history as of incorporation date (April 22, 2026).