Edelweiss Alternatives to buy out L&T Infra Development for Rs 6,000 cr

Edelweiss Alternatives on Saturday entered into an agreement with Larsen & Toubro and Canadian Pension Plan Investment Board to pick up their 100 per cent stakes in L&T Infrastructure Development Projects at an enterprise value of Rs 6,000 crore.

Edelweiss Alternatives -- an alternative ivestment fund management platform -- in a statement said that the transaction is being executed by a fund managed by Edelweiss Alternatives and it also involves absorbing the operating team.

The portfolio of the target company comprises eight roads and one power transmission asset, spanning 4,900 lane kilometres and 960 circuit kilometres, respectively.

Following this acquisition, the infrastructure platform will scale up to 26 assets with cumulative annual revenue of nearly Rs 2,700 crore. The platform will be a diverse mix of power transmission and substations, renewables and highway assets.

Sreekumar Chatra, managing director of the infrastructure yield strategy fund, said these assets have