L&T to divest 97% stake in Marine Infrastructure Developers

28 Jun 2018

Larsen and Toubro (L&T) has entered into a Share Purchase Agreement (SPA) on June 27, 2018 between Marine Infrastructure Developers, L&T Shipbuilding and Adani Kattupalli Port and Adani Ports and Special Economic Zone for the divestment of its 97% stake in Marine Infrastructure Developers to Adani Ports and Special Economic Zone, for an enterprise value of Rs 1950 crore. Of which Rs 388 crore is the consideration for sale of shares and remainder Rs 1562 crore is towards settlement of liabilities of Marine Infrastructure Developers.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $18 billion in revenue.

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