L&T completes sale of entire stake in L&T Infrastructure Development Projects

NEW DELHI:The EPC major announced that it has completed the sale of its entire stake in L&T Infrastructure Development Projects (LTIDPL), a joint venture with Canada Pension Plan Investment Board (CPP Investments). Larsen & Toubros (L&T) 51% and CPP Investments 49% stakes have been acquired by Epic Concesiones Private Limited, an investee company of Edelweiss Infrastructure Yield Plus Strategy, managed by Edelweiss Alternative Asset Advisors (EAAA).

This deal is in line with L&Ts strategy to exit non-core businesses for reducing its exposure to the asset heavy developmental projects portfolio thereby enhancing its return on equity.

D.K. Sen, Advisor to CMD & head - development projects, This transaction marks the achievement of a significant milestone towards the execution of our strategic Lakshya 2026 plan and also provides a conducive environment for growth to L&T IDPL under Edelweiss Alternatives. The transaction is the culmination of a long journey for L&T that started in early 2000s in the Developmental Projects business and I have no doubt that the portfolio of good quality assets and team of IDPL will add value to Infrastructure Yield Strategy of Edelweiss Alternatives platform going forward.

Larsen & Toubro (L&T) is an Indian multinational engaged in EPC Projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide. A strong, customer focused approach and the constant quest for top class quality has enabled L&T to attain and sustain leadership in its major lines of business for eight decades.

The EPC company reported 15.45% jump in consolidated net profit to Rs 2,947.36 crore on 18.84% increase in revenue from operations to Rs 55,127.82 crore in Q3 FY24 over Q3 FY23.

Shares of Larsen & Toubro declined 0.78% to settle at Rs 3,754.95 on Wednesday, 10 April 2024.

The domestic market is closed today, on account of Ramadan Eid.