Engineering major Larsen & Toubro (L&T) is looking to exit from the infrastructure projects in which it holds minority stake, but open to bid in consortium with less than 50 per cent holding in large and complex projects like metro.
"Within IDPL, L&T is looking to sell off its stake in existing projects in which it has less than a 50 per cent stake," Macquarie said quoting deliberation of an analyst meet for L&T's Infrastructure Development business, L&T IDPL.
Only in extremely large and complex projects, like urban metro, L&T might bid in a consortium and take less than a 50 per cent stake to diversify the risk, Macquarie said, adding that the company was bidding for most of the projects on its own and keeping larger stake where it was bidding in consortium.
L&T IDPL is engaged into the development of airports, ports & harbours, railways, roads and water projects.
"L&T's share in these projects (where it has below 50 per cent stake) would be below Rs 200 crore," one Macquarie analyst told PTI.
L&T IDPL's existing portfolio has a total capital outlay of Rs 31,7OO crore. L&T's share of total equity investment would be around Rs 2,000 crore. It has already pumped in Rs 800 crore in these projects.