Larsen & Toubro and Canadian Pension Plan Investment Board (CPPIB) have entered into an agreement with Edelweiss Alternatives to sell their 100 per cent stakes in L&T Infrastructure Development Projects (L&TIDPL).
Gross proceeds to L&T and CPP Investments from the sale would be approximately Rs 2,723 crore before closing adjustments and other terms of the transaction, L&T said in an exchange filing. While L&T holds 51 per cent in L&T IDPL, the Canadian firm has the remaining 49 per cent stake. The portfolio of the target company comprises eight roads and one power transmission asset, spanning 4,900 lane kilometres and 960 circuit kilometres, respectively. As a result of the acquisition, the infrastructure platform will scale up to 26 assets with cumulative annual revenue of nearly Rs 2,700 crore. The platform will be a diverse mix of power transmission and substations, renewables and highway assets. Edelweiss Alternatives’ infra fund, which the company calls yield plus strategy, has Rs 9,500 crore of infrastructure assets under its domain. It focusses on investing in power transmission, renewable power and highways, among others. It is amongst the largest such funds in the country and with capital commitments from both domestic and global investors.
L&T IDPL is also a sponsor of IndInfravit Trust (IndInfravit), India’s first privately listed infrastructure investment trust or InvIT. As part of the transaction, L&T and CPP Investments will establish a new entity to be the sponsor of IndInfravit, subject to regulatory and other approvals.
CPP Investments initially invested into L&T IDPL in 2014 and has continued to be an active investor to India’s infrastructure sector, including into IndInfravit.
Since its inception in 1995, L&T IDPL has completed landmark infrastructure projects across key sectors like roads, bridges, ports, airports, water supply, hydel energy and urban infrastructure.
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