Electric and automation (E&A) business required a fair amount of capital spending and does not fit into the industrial culture of our company, said SN Subrahmanyan, Managing Director and Chief Executive Officer of Larsen & Toubro (L&T), to CNBC-TV18's Nisha Poddar.

L&T sold its E&A business to the France giant Schneider Electric for Rs 14,000 crore in an all-cash deal. The E&A business had net revenue of Rs 5,038 crore in the financial year to March 2017.

Subrahmanyan said, "L&T's E&A business is one of the oldest business of the company. It has been with us for the last five-six decades. It is well-known brand of L&T. It is one brand which is available across the length and breadth of India, to certain extent to far east and certain extent to Middle East too."

“What we have done right now is a share purchase and business transaction agreement and the process has to go through the necessary normal regulatory approvals including Competitive Commission of India’s approvals. So that is a process that will take time,” he added.