Engineering major Larsen & Toubro (L&T) is selling eight highway operating assets and a power transmission project to Edelweiss Infrastructure Yield Plus, a fund managed by Edelweiss Alternative Asset Advisors, The Business2Business reported, citing sources on July 25.
The deal, which was signed earlier this month at a business valuation of Rs 7000 crore, awaits regulatory approvals from the National Highways Authority of India (NHAI) and the Securities and Exchange Board of India (Sebi).
The report added that the latest move is part of L&T's strategy to get asset light out of various non-core assets.
In other news, the real estate development arm of L&T has signed deals to develop joint ventures worth Rs 8,000 crore in Mumbai as part of its expansion plan. L&T Realty said this is part of the company's broader plan to boost its presence in key metropolitan areas by adding about five million square feet annually over the next five years.
L&T stock closed at Rs 1,764 after flatlining on Friday. It's down more than 8 percent this year compared to Nifty's 5 percent drop.
LKP Research is bullish on L&T and recommended a buy rating on the stock with a price target of Rs 2,087 in its research report dated July 8.
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