French industrial concern Schneider Electric has reached an agreement to buy a 35% stake in the Indian joint venture Schneider Electric India from Singaporean investment company Temasek.
The JV, which was set up in 2018, is valued at €5.5bn, the company said in a press release. Its revenue last year was €1.8bn.
The deal will be fully paid in cash and is expected to close in the coming quarters.
Earlier, the media wrote that Temasek was considering various options to exit the business, including selling its stake to Schneider Electric or a third party, as well as the option of taking the company public.