L&T in talks with Canadian pension fund OMERS to invest in IDPL
Larsen & Toubro Ltd (L&T) is looking to reduce the holding in its infrastructure unit to as low as 25 per cent and is in advanced talks with investors such as Canadian pension fund OMERS Infrastructure for a stake sale.
If the deal goes through, OMERS Infrastructure could invest as much as $150 million for a minority stake in L&T Infrastructure Development Projects Ltd (L&T IDPL).
India’s biggest engineering and construction firm said on November 9 that Toronto-based Canada Pension Plan Investment Board (CPPIB) will hold 48.99 per cent stake in L&T IDPL on conversion of the Compulsorily Convertible Preference Shares (CCPS) allotted to the pension fund giant in 2014 and 2015.
