L&T DIVESTS its entire stake (51%) in L&T Infrastructure Development Projects Ltd

Delhi, December 19, 2022: Larsen & Toubro, signed an agreement to divest its 51% stake in L&T Infrastructure Development Projects Limited (L&T IDPL) to a portfolio company of Infrastructure Yield Plus II, an infrastructure fund managed by Edelweiss Alternatives. A press release issued by the company says that, with this, L&T will divest its entire stake in the concession subsidiary, L&T IDPL. This is in line with L&T’s strategy of reducing its exposure to the non-core asset heavy developmental projects portfolio.

L&T IDPL is a joint venture between Larsen & Toubro Limited and Canada Pension Plan Investment Board (CPP Investments) holding 51% and 49% shares respectively. 

The transaction is subject to completion of customary closing conditions including receipt of applicable regulatory and other approvals. Gross proceeds to L&T and CPP investments from the sale would be approximately ₹ 27,234 million before closing adjustments and other terms of the transaction.

“This development is a significant step towards the execution of our strategic Lakshya 2026 plan and houses L&T IDPL with Edelweiss Alternatives, an established and reputed alternatives platform with a better strategic fit. The transaction is a win-win for both L&T and Edelweiss. It will release growth capital for the L&T Group. Also, it will provide Edelweiss Alternatives with access to a good quality portfolio of assets.” said DK Sen, Whole-time Director and Sr. Executive Vice President (Developmental Projects).

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