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Larsen and Toubro on Monday said it has sold its 51 per cent in L&T Infrastructure Development Projects (L-T IDPL) to a portfolio company of Infrastructure Yield Plus II, an infrastructure fund managed by Edelweiss Alternatives.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, according to a statement from Larsen and Toubro.L&T IDPL is a joint venture between Larsen and Toubro and Canada Pension Plan Investment Board (CPP Investments) holding 51 per cent and 49 per cent shares, respectively.L&T IDPL has been a pioneer in the public-private-partnership (PPP) model of development in India, which involved the development of infrastructure projects by private sector players in partnership with the central and state governments. L&T IDPL has developed landmark infrastructure projects across key sectors like roads, bridges, ports and urban infrastructure.Edelweiss Alternatives' infrastructure strategy focuses on investing in quality operating infrastructure assets in core sectors of power transmission, renewable energy and highways, among others.Post this acquisition, the platform will have a high-quality diversified portfolio of 26 assets across 13 states, making it a leading infrastructure investor in India, according to the statement.The construction firm also said the transaction is subject to the completion of customary closing conditions including receipt of applicable regulatory and other approvals. Gross proceeds to L and T and CPP investments from the sale would be about Rs 27,234 million before closing adjustments and other terms of the transaction.According to reports, Canada Pension Plan Investment Board (CPP Investments) announced on December 17 that it has agreed to sell its 49 per cent stake in L&T Infrastructure Development Projects Limited."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 and T and Edelweiss. It will release growth capital for the L and T Group. Also, it will provide Edelweiss Alternatives with access to a good quality portfolio of assets," said DK Sen, Whole-time Director and Senior Executive Vice-President for Developmental Projects.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Business :Edelweiss Alternatives acquires L-T Infrastructure Development Projects

Larsen and Toubro on Monday said it has sold its 51 per cent in L&T Infrastructure Development Projects (L-T ... ...

Business :Edelweiss Alternatives acquires L-T Infrastructure Development Projects

Larsen and Toubro on Monday said it has sold its 51 per cent in L&T Infrastructure Development Projects (L-T ... ...