Larsen & Toubro is selling its eight operational road assets to an infrastructure fund managed by which firm?
In July 2022: Engineering giant Larsen & Toubro (L&T) announced that it selling its eight operational road assets that the company built and operated to Edelweiss Infrastructure Yield Plus. This is an infrastructure fund managed by Edelweiss NSE -2.97 % Alternative Asset Advisors, for an enterprise valuation of Rs 7,000 crore.
The transaction was signed earlier in July and the companies were awaiting regulatory approvals from the National Highways Authority of India (NHAI) and the Securities and Exchange Board of India (Sebi).
The transaction also includes one power transmission asset.
The Edelweiss infrastructure fund has two operating platforms — Sekura Roads and Sekura Energy. Both are being used as vehicles for this buyout.
“The eight operating roads were not transferred to the trust. The trust has external shareholders and they decide independently which asset to buy, transfer or sell,” an official involved in the ongoing negotiations, said last month.
Edelweiss is dealing in various financial services ranging from brokerage services to life insurance and general insurance, private equity and other investment-related services through subsidiaries. It is registered with National Stock Exchange of India, Bombay Stock Exchange and MCX Stock Exchange.