Private Equity

PE Fund Investments

Edelweiss PE to acquire L&T IDPL for Rs.6,000-Cr

Press Release   BSE Announcement  

Edelweiss Private Equity-promoted “Infrastructure Yield Plus II“ fund is to acquire a 100% stake in L&T Infrastructure Development Projects Limited (L&T IDPL) at an enterprise value of INR 6,000 crore. The L&T IDPL portfolio comprises eight roads, spanning 4,900 lane-km and one 960 ckm power transmission asset. Publicly listed L&T holds a 51% stake in L&T IDPL and Canada Pension Plan Investment Board (CPPIB) the remaining 49%. L&T IDPL's revenue during FY22 was INR 128 crore. As part of the deal, the Edelweiss unit will absorb the operating team of L&T IDPL. Following the acquisition, the Edelweiss infrastructure platform would scale up to 26 assets across 13 states, with a cumulative annual revenue of nearly INR 2,700 crore including a diverse mix of power transmission and substations, renewables and highway assets, spread geographically. These would comprise over 5,100 lane-km of roads, 1,800 ckm of power transmission assets, and 813 MWp of renewable, it said.

From the Venture Intelligence PE-VC Deal Database: CPPIB had first invested in L&T IDPL in Feb 2014.