L&T starts process to divest 51% in L&T Infra Development Projects

Larsen & Toubro has initiated the process to sell its entire 51% in L&T Infrastructure Development Projects (L&T IDPL) as the other key shareholder, Canada Pension Plan Investment Board (CPPIB), is unlikely to consolidate its investment in the company. L&T has adopted an asset-light strategy and is in the process of exiting non-core assets, including IDPL. The Canadian pension fund, which first invested in L&T IDPL in 2014 and has since increased stake to around 49%, was expected to buy out the remaining stake from L&T but that is unlikely now.