U.S.-based industrial conglomerate Eaton Corp. (ETN) has emerged as the highest bidder for buying Indian engineering company Larsen & Toubro Ltd.'s (500510.BY) electrical and automation business, a person familiar with the matter said Wednesday.

"Larsen expects about INR125 billion-INR140 billion for the business," the person, who didn't wish to be identified, told Dow Jones Newswires.

He said that apart from Eaton, Schneider Electric SA (SU.FR) is also interested in buying the business. Both these companies are currently conducting due diligence, he added.

Spokespersons for both Eaton and Schneider said they don't comment on speculation.

- By Kenan Machado, Dow Jones Newswires; 91-11-4356-3358; prasenjit.bhattacharya@dowjones.com
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