CPPIB consortium acquires L&T IDPL's stake in toll road unit for Rs.104-Cr

L&T Infrastructure Development Projects Ltd (L&T IDPL) is to sell its entire shareholding in toll road operator Interise Investment Managers Ltd (formerly LTIDPL IndvIT Services Ltd) for INR 103.86 crore to a private equity investor consortium consisting of Canadian pension firm CPPIB (via CPPIB India Private Holdings Inc), Luxembourg-based Allianz Infrastructure and Canada-based 2726247 Ontario Inc. The revenue of the target entity for FY23 was INR 39.05 crore and its net worth was INR 23.82 crore at the end of the period. CPPIB holds a 49% stake in the seller L&T IDPL.