Talks are ongoing and no final decisions have been made, the people said. Representatives for Schneider Electric and Temasek declined to comment.
Temasek has been weighing a potential exit from the joint venture, including a sale to its majority partner or another party, as well as via an initial public offering, Bloomberg News reported last year.
Schneider Electric India is 65% owned by the French company with the reminder held by Temasek, according to a statement from 2020, when it completed the merger of its Indian low voltage and industrial automation product unit with Larsen & Toubro’s electrical and automation operations.
Schneider, one of France’s oldest and biggest industrial companies, has evolved from primarily a maker of electrical gear to a provider of software and equipment for buildings, data centres and factories.
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Dealmaking activity in India is growing as investors seek to double down their presence on the most populous nation. The volume of mergers and acquisitions in the country has reached US$31 billion, a 16% increase from a year earlier, according to data compiled by Bloomberg.
