L&T acquires 12.25% stake in Indian Foundation for Quality Management

New Delhi: Engineering and construction conglomerate Larsen & Toubro (L&T) on Friday said it has acquired 12.25 crore equity shares of the Indian Foundation for Quality Management (IFQM), representing a 12.25 per cent stake in the company.

The acquisition aligns with L&T's commitment to enhance Brand India globally through continuous improvements in product and service quality.

"The company has been allotted 1,25,00,000 equity shares of Indian Foundation for Quality Management (IFQM) representing 12.25 per cent stake in IFQM," L&T said in a filing to BSE.

The acquisition which was made for Rs 12.5 crore was completed on Thursday.

IFQM has been incorporated with an aim to empower and encourage Indian organisations in diverse sectors to embrace and integrate quality values, principles, and practices in all aspects of management.

Larsen & Toubro is a USD 27 billion Indian multinational engaged in engineering, procurement and construction (EPC) projects, hi-tech manufacturing and services, operating across multiple geographies.