Industrial conglomerate Larsen & Toubro has completed the sale of its entire stake in L&T Infrastructure Development Projects Limited (LTIDPL), a joint venture with Canada Pension Plan Investment Board (CPP Investments).
L&T’s 51 percent and CPP Investments’ 49 percent stakes have been acquired by Epic Concesiones Private Limited, an investee company of Edelweiss Infrastructure Yield Plus Strategy, managed by Edelweiss Alternative Asset Advisors Limited (EAAA), L&T said in a regulatory filing on April 11.
The deal is in line with L&T’s strategy to exit non-core businesses for reducing exposure to the asset-heavy developmental projects portfolio, enhancing its return on equity (RoE).
"With this acquisition, the infrastructure platform will scale up to 26 assets, comprising around 5,000 lane-kms of roads, around 1,800 ckms of power transmission assets and around 813 MWp of renewables with cumulative annual revenue of Rs 3,000 crore," Edelweiss said in a separate statement.
Epic Concesiones is acquiring the stake at an enterprise value of Rs 6,000 crore, the companies said in 2022.
L&T IDPL portfolio comprises eight roads, spanning 4,900 lane-km and one 960 ckm power transmission asset.
On April 10, the L&T stock closed at Rs 3,758.80 on the National Stock Exchange, down 0.70 percent.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
