L&T sells stake in L&T Infrastructure Development Projects
Larsen & Toubro Ltd has completed the sale of its entire equity stake in L&T Infrastructure Development Projects Ltd (L&T IDPL) to Epic Concesiones Pvt Ltd., a joint venture between L&T and Canada Pension Plan Investment Board (CPP Investments) holding 51 per cent and 49 per cent shares, respectively.
According to the stock exchange filing, L&T IDPL and its subsidiaries have ceased to be subsidiaries of the company.
The list of subsidiaries of L&T IDPL:
- Ahmedabad-Maliya Tollway Limited
- L&T Deccan Tollways Limited
- L&T Interstate Road Corridor Limited
- L&T Rajkot-Vadinar Tollway Limited
- L&T Samakhiali Gandhidham Tollway Limited
- L&T Sambalpur Rourkela Tollway Limited
- L&T Transportation Infrastructure Limited
- L&T-Chennai Tada Tollway Limited
- Panipat Elevated Corridor Limited
- PNG Tollway Limited
- Vadodara Bharuch Tollway Limited
- Kudgi Transmission Limited
- Watrak Infrastructure Private Limited; and
- Rewin Infrastructure Limited
D K Sen, Advisor to CMD & Head – Development Projects, said, “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. I would also like to thank the concession authorities and lenders to IDPL for their valuable support for to this divestment.”
The stock closed at ₹3,758.80 on the NSE on Wednesday’s trade, down by 0.70 per cent. The market is closed on April 11, 2024, Thursday, on account of Ramzan Id.