L&T sells 51% stake in L&T Infrastructure Development Projects to Epic Concesiones for Rs 6,000 crore, in line with its strategy to exit non-core businesses.
Larsen & Toubro (L&T) has completed the sale of its 51% stake in L&T Infrastructure Development Projects Limited (LTIDPL) to Epic Concesiones Private Limited, an investee company of Edelweiss Infrastructure Yield Plus Strategy. The move aligns with L&T's strategy to exit non-core businesses, reduce exposure to asset-heavy projects, and enhance return on equity. The infrastructure platform's assets will now include around 5,000 lane-km of roads, approximately 1,800 ckm of power transmission assets, and around 813 MWp of renewables, with a cumulative annual revenue of Rs 3,000 crore. Epic Concesiones is acquiring the stake at an enterprise value of Rs 6,000 crore.
April 11, 2024
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