Larsen & Toubro (L&T) on Thursday announced the completion of divestment of L&T Infrastructure Development Projects Limited (LTIDPL), a joint venture between Larsen & Toubro Limited and Canada Pension Plan Investment Board (CPP Investments).
In a regulatory filing, it stated that L&T’s 51 per cent and CPP Investments’ 49 per cent shares 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).
This deal is in line with L&T’s strategy to exit non-core businesses for reducing its exposure to the asset heavy developmental projects portfolio thereby enhancing its return on equity.
“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. I would also like to thank the concession authorities and lenders to IDPL for their valuable support to this divestment,” said DK Sen, Advisor to CMD & Head – Development Projects.
In another exchange filing, the company listed out L&T IDPL subsidiaries which have ceased to be subsidiaries of the company:
- 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
- Rewin Infrastructure Limited