Construction and engineering major Larsen & Toubro (L&T) is set to reduce its debt by Rs 30,000 crore in the next financial year by selling its entire stake in L&T Infrastructure Development Projects (IDPL) and Nabha Power, and transferring its stake in Hyderabad Metro to an infrastructure investment trust (InvIT).
S N Subrahmanyan, chief executive officer (CEO) and managing director (MD) of L&T, said the plan for the next financial year was to become asset light and reduce debt wherever possible. “We already had a meeting with the Andhra Pradesh chief minister, who has agreed to transfer the ownership of Hyderabad Metro to an InvIT. This will help us to reduce debt and cut finance cost at the SPV (special purpose vehicle) level,” Subrahmanyan told Business Standard in an interview.
