Larsen & Toubro Limited (L&T) has announced that it has acquired 1.25 crore equity shares of the Indian Foundation for Quality Management (IFQM), representing a 12.25% stake in the not-for-profit company. This acquisition was conducted as a cash transaction for ₹12.5 crore.
IFQM, incorporated on September 6, 2023, under Section 8 of the Companies Act, 2013, aims to drive positive change across Indian industries by encouraging organizations to adopt and integrate quality values, principles, and practices in their management processes.
L&T highlighted that this acquisition aligns with its commitment to enhance Brand India globally through continuous improvements in product and service quality. The acquisition was completed on September 19, 2024, with L&T seeing this strategic move as a way to bolster its positioning in the industry by supporting initiatives to empower Indian businesses to achieve global recognition.
The acquisition is classified as a related party transaction, carried out at arm’s length in the ordinary course of business. IFQM is still in its early stages and has not yet commenced operations.
