India's Larsen & Toubro has agreed to sell its electrical and automation business to Schneider Electric SE for 140 billion rupees ($2.11 billion) in cash, it said on Tuesday.

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The deal, part of L&T's plan to sell its non-core units, covers all segments of its electrical and automation business except marine switchgear and servowatch systems, the top Indian engineering group said in a statement.

The electrical and automation (E&A) business, which has factories in India as well as in Saudi Arabia, the United Arab Emirates, Kuwait, Malaysia, Indonesia and the United Kingdom, had a net revenue of 50.38 billion rupees, or about 4.5 percent of L&T's consolidated revenue, for the year to March 2017.

"The divestment of E&A business is in line with L&T's stated intent of unlocking value within the existing business portfolio to streamline and allocate capital and management focus for creating long-term value for our stakeholders," the company's chief executive, S.N. Subrahmanyan, said in the statement.

The deal is expected to close in 18 months, L&T said.

First Published:May 1, 2018 4:34 PM IST