No sales agreement signed over roads, transmission project with Edelweiss fund, L&T clarifies

Engineering major Larsen & Toubro (L&T) in its regulatory filing to the BSE and the NSE on July 25 issued a clarification over a media report on the company selling eight roads, and a power transmission project to Edelweiss fund for Rs 7,000 crore.

L&T said it has not signed any sales pact with Edelweiss fund and that the report by The Economic Times was totally 'speculative'.

"The Company has not signed an agreement for sale as mentioned in the media report, which is absolutely speculative," L&T said.

The company further stated, "as part of the strategic plan objectives the Company had informed that it proposes to exit from the road and power concession projects. This information is part of the Analyst presentation which is uploaded on the website of the Stock Exchanges and of the Company."

It also mentioned that when any agreement that must be communicated under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is executed, the Company will notify the stock exchanges.

Earlier in the day, The Economic Times citing sources reported that L&T is selling eight operational road assets and a power transmission project to Edelweiss Infrastructure Yield Plus, a fund managed by Edelweiss Alternative Asset Advisors.

The report by the publication also stated a deal, signed earlier this month at an enterprise valuation of Rs 7,000 crore, is awaiting regulatory approvals from the National Highways Authority of India (NHAI) and the Securities and Exchange Board of India (Sebi).