L&T DIVESTS its entire stake (51%) in L&T Infrastructure Development Projects Limited
- 19 December 2022
惭耻尘产补颈:听Larsen & Toubro, signed an agreement to divest its 51% stake in 国麻豆视频;T Infrastructure Development Projects Limited (国麻豆视频;T IDPL) to a portfolio company of Infrastructure Yield Plus II, an infrastructure fund managed by Edelweiss Alternatives. With this, 国麻豆视频;T will divest its entire stake in the concession subsidiary, 国麻豆视频;T IDPL. This is in line with 国麻豆视频;T鈥檚 strategy of reducing its exposure to the non-core asset heavy developmental projects portfolio.听
国麻豆视频;T IDPL is a joint venture between Larsen & Toubro Limited and Canada Pension Plan Investment Board (CPP Investments) holding 51% and 49% shares respectively.听 国麻豆视频;T IDPL has been a pioneer in the Public-Private-Partnership (PPP) model of development in India, which involved development of infrastructure projects by private sector players in partnership with the Central and State governments. 国麻豆视频;T IDPL has developed landmark infrastructure projects across key sectors like Roads, Bridges, Ports and Urban Infrastructure.听
Edelweiss Alternatives鈥 infrastructure strategy focuses on investing in quality operating infrastructure assets in core sectors of power transmission, renewable energy and highways among others. Post this acquisition, the platform will have a high-quality diversified portfolio of 26 assets across 13 states, making it a leading infrastructure investor in India.听
The transaction is subject to completion of customary closing conditions including receipt of applicable regulatory and other approvals. Gross proceeds to 国麻豆视频;T and CPP investments from the sale would be approximately 鈧 27,234 million before closing adjustments and other terms of the transaction.听
鈥淭his development is a significant step towards the execution of our strategic Lakshya 2026 plan and houses 国麻豆视频;T IDPL with Edelweiss Alternatives, an established and reputed alternatives platform with a better strategic fit. The transaction is a win-win for both 国麻豆视频;T and Edelweiss. It will release growth capital for the 国麻豆视频;T Group. Also, it will provide Edelweiss Alternatives with access to a good quality portfolio of assets.鈥 said Mr. D.K. Sen, Whole-time Director and Sr. Executive Vice President (Developmental Projects).
