Larsen & Toubro (L&T) has announced the completion of divestment of L&T Infrastructure Development Projects (LTIDPL), a joint venture between Larsen & Toubro and Canada Pension Plan Investment Board (CPP Investments) holding 51% and 49% shares respectively.
LTIDPL has been a pioneer in PublicPrivate-Partnership (PPP) model of Infrastructure development in India. Both 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&T's strategy to exit non-core businesses for reducing its exposure to the asset heavy developmental projects portfolio thereby enhancing its Return on Equity.
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