Engineering major Larsen & Toubro has sold a 21.6-per cent stake in its infrastructure development subsidiary L&T Infrastructure Development Projects (LTIDPL) to private equity investors for Rs550 crore. Investors include a JP Morgan subsidiary and IDFC promoted India Development Fund.
The deal values LTIDPL at Rs2,548 crore and L&T would retain the remaining stake.
LTIDPL is the holding company of various infrastructure development projects undertaken by L&T across the country. The group has so far completed 20 projects and six new projects are under construction.
LTIDPL along with associate company L&T Infocity is a major developer of industry parks, especially software development centres. The group has so far developed more than 60-lakh square feet of built up area across the country.
The Hitec City developed in Hyderabad is the most prestigious project undertaken by the group so far in the sector. Apart from Hyderabad, the company has developed IT parts in cities like Bangalore, Vizag, Chennai and Kochi. The company has also developed a project in Sri Lanka at Colombo.