Mumbai: Engineering major Larsen & Toubro (L&T) on Tuesday said its wholly-owned subsidiary, L&T Semiconductor Technologies Limited (LTSCT), has entered into a share purchase agreement for the acquisition of a 100 percent stake in SiliConch Systems Private Limited.

The acquisition cost consists of an upfront amount of Rs 133 crore and a deferred amount of Rs 50 crore payable over four years, the company said in a filing with BSE.

“The acquisition is expected to add IP, engineering skill sets, and design expertise to strengthen the group’s presence in the fabless semiconductor business and thus align with the overall growth strategy of LTSCT, Filing added.

The acquisition of SiliConch is expected to be completed by September 15, subject to customary closing conditions.