L&T to monetise some IDPL assets

L&T IDPL is engaged in public-private-partnership projects in India

Engineering major Larsen and Toubro (L&T) today said it is evaluating avenues to monetise certain assets of a subsidiary including through an initial public offering (IPO).

"We wish to inform that the company is evaluating alternatives for monetising of certain assets of L&T Infrastructure Development Projects Ltd (L&T IDPL), a subsidiary of the company...," L&T said in a BSE filing.

The "alternatives" include "a potential initial public offering (IPO) and listing in Singapore of selected road assets of L&T IDPL, through a business trust in Singapore," it said.

However, L&T said the proposed transactions were subject to various factors including approvals and market conditions and may or may not be completed.

L&T is learnt to have started negotiations with a couple of sovereign wealth funds to dilute stake in L&T IDPL, but nothing has materialised so far.

L&T IDPL is engaged in public-private-partnership projects in India with business interests in areas like roads and bridges, ports, metro rail, wind energy and power transmission lines.