L&T to sell 8 roads, transmission project to Edelweiss

26 Jul 2022 CW Team

Larsen & Toubro (L&T) is planning to sell eight operational road assets that the company built and operated to Edelweiss Infrastructure Yield Plus, an infrastructure fund managed by Edelweiss Alternative Asset Advisors. The total valuation is Rs 7,000 crore. The transaction was signed earlier this month and is awaiting regulatory approvals from the National Highways Authority of India (NHAI) and the Securities and Exchange Board of India (Sebi), they added. The transaction also includes one power transmission asset.

The divestment is part of L&T’s asset-light strategy, which has seen the company exit several non-core assets. The L&T Infrastructure Development Projects Ltd (L&T IDPL) concessions have also been part of that list. The Edelweiss infrastructure fund has two operating platforms -- Sekura Roads and Sekura Energy. Both are being used as vehicles for this buyout. The equity value of the road concessions and power transmission project stands at Rs 3,000 crore.

L&T’s road and power transmission assets are housed in 51:49% subsidiary L&T IDPL. Canadian pension fund Canada Pension Plan Investment Board (CPPIB) is the 49% partner in the arm.

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