Epic Concesiones can buy L&T’s full 51% ownership in L&T IDPL

Epic Concesiones is a portfolio business of Edelweiss Alternatives’ Infrastructure Yield Plus II infrastructure fund.

Larsen & Toubro announced on December 19 that it has signed an agreement with Epic Concesiones Private Limited to sell its 51 percent ownership in L&T Infrastructure Development Projects Limited (L&T IDPL). Epic Concesiones is a portfolio company of Edelweiss Alternatives’ Infrastructure Yield Plus II infrastructure fund.

Initially, the Canada Pension Plan Investment Board (CPP Investments) stated that it will sell its whole 49 percent stake in L&T IDPL. L&T IDPL is a joint venture between L&T and CPP Investments, with each controlling 51% and 49% of the shares.

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Speaking on this, Mr. DK Sen, Whole-time Director and Sr. Executive Vice President of Developmental Projects said, “This development is a significant step towards the execution of our strategic Lakshya 2026 plan and houses L&T IDPL with Edelweiss Alternatives, an established and reputed alternatives platform with a better strategic fit.”

This follows as Epic Concesiones purchased a 100 percent ownership share in L&T IDPL for about 6,000 crores.

According to a news release by Edelweiss Alternatives, the portfolio includes eight highways and one power transmission asset in India, totaling 4,900 lane kilometers and 960 kilometers, respectively. The deal is subject to normal closing conditions, which include regulatory and other approvals.

“Following this acquisition, the infrastructure platform will scale up to 26 assets with cumulative annual revenue of nearly 2,700 crores. The platform will be a diverse mix of power transmission and substations, renewables, and highway assets spread geographically,” the company said in a statement