India’s largest construction and engineering group Larsen and Toubro (L&T) has announced the sale of its share in Kolkata-based Voith Paper Technology (India) Limited to its long term Joint Venture Partner, GmbH, Heidenheim, Germany for an undisclosed amount.

VPTIL was a 50:50 JV between L&T and Voith Paper Gmbh,Germany, providing design, consultancy and other value added services to the Indian paper Industry that included setting up of complete paper plants.

Before the transaction both companies held equal (50:50) stake in the joint-venture. The share transfer has become effective on 1 October 2009.

Voith Paper Gmbh, established in January 1867, has annual turnover of €4.9 billion. The firm employs around 42000 professionals.