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L&T: Restructuring the Cement Business

Author

Listed:
  • Ashok Banerjee

    (Indian Institute of Management Calcutta, Joka, Diamond Harbour Road, Kolkata-700104, India)

  • Neeraj Dwivedi

    (Indian Institute of Management Calcutta, Joka, Diamond Harbour Road, Kolkata-700104, India)

Abstract

The case describes one of the most hyped and controversial acquisition and de-merger episodes in Indian corporate history. The case involved two Indian diversified corporations: Grasim Industries Limited (Grasim) which belonged to the Aditya Birla group and a professionally managed Larsen and Toubro Limited (L&T). With an eye on exploiting possible synergies in the cement business, Grasim acquired a big chunk of shares of L&T and then went on to make an open offer for more shares. The case describes the situation and events unfolding after these developments with a view to highlight the intricacies involved in corporate restructuring through the process of demerger, such as, valuation, synergies, takeover defense and negotiations among various stakeholders.

Suggested Citation

  • Ashok Banerjee & Neeraj Dwivedi, 2005. "L&T: Restructuring the Cement Business," Asian Case Research Journal (ACRJ), World Scientific Publishing Co. Pte. Ltd., vol. 9(01), pages 83-115.
    • Handle: RePEc:wsi:acrjxx:v:09:y:2005:i:01:n:s0218927505000629
    DOI: 10.1142/S0218927505000629
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