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Alternative Investment

Edelweiss Alternative Asset Advisors to Acquire L&T Infrastructure Development Projects

Posted on 12/18/2022

Canada Pension Plan Investment Board (CPP Investments) has agreed to sell its 49% stake in L&T Infrastructure Development Projects Limited (L&T IDPL). Larsen & Toubro (L&T), which holds the remaining 51% stake in L&T IDPL, will also be selling its stake.

L&T IDPL will be acquired by Epic Concesiones Private Limited, a portfolio company of Infrastructure Yield Plus strategy, managed by Edelweiss Alternative Asset Advisors Limited. L&T IDPL, a significant participant in the Indian infrastructure sector, holds assets including operational toll and annuity road concessions and power transmission lines.

L&T IDPL is also a sponsor of IndInfravit Trust (IndInfravit), India’s first privately listed infrastructure investment trust or InvIT. As part of the transaction, L&T and CPP Investments will establish a new entity to be the sponsor of IndInfravit, subject to regulatory and other approvals.

CPP Investments initially invested into L&T IDPL in 2014 and has continued to be an active investor to India’s infrastructure sector, including into IndInfravit. Gross proceeds to L&T and CPP Investments from the sale would be approximately C$450 million (INR 27, 234 million), before closing adjustments and other terms of the transaction.

The transaction is subject to customary closing conditions and regulatory approvals.

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