The EPC major announced that it has completed the sale of its entire stake in L&T Infrastructure Development Projects (LTIDPL), a joint venture with Canada Pension Plan Investment Board (CPP Investments).
Larsen & Toubros (L&T) 51% and CPP Investments 49% stakes have been acquired by Epic Concesiones , an investee company of Edelweiss Infrastructure Yield Plus Strategy, managed by Edelweiss Alternative Asset Advisors (EAAA).
This deal is in line with L&Ts strategy to exit non-core businesses for reducing its exposure to the asset heavy developmental projects portfolio thereby enhancing its return on equity.
D.K. Sen, Advisor to CMD & head - development projects, 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.
Larsen & Toubro (L&T) is an Indian multinational engaged in EPC Projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide. A strong, customer focused approach and the constant quest for top class quality has enabled L&T to attain and sustain leadership in its major lines of business for eight decades.
The EPC company reported 15.45% jump in consolidated net profit to Rs 2,947.36 crore on 18.84% increase in revenue from operations to Rs 55,127.82 crore in Q3 FY24 over Q3 FY23.
Shares of Larsen & Toubro declined 0.78% to settle at Rs 3,754.95 on Wednesday, 10 April 2024.
The domestic market is closed today, on account of Ramadan Eid.
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