Live Webinar on "How to Invest successfully to reach goals without losing sleep" Sign up for Live Webinar

FIPB approves L&T Infra's FDI proposal worth Rs 1,000 crore

21 Feb 2014

Foreign investment promotion board (FIPB) has approved L&T Infra's FDI Proposal worth Rs 1,000 crore. Canada Pension Plan Investment Board (CPPIB) would be making an initial investment of Rs 1,000 crore in L&T Infrastructure Development Projects (L&TIDPL), a unit of Larsen and Toubro (L&T), via equity shares, compulsorily convertible preference shares and/or compulsorily convertible debentures. However, the quantum of stake to be sold by L&T IDPL would be determined at a later stage owing to lack of decision on pricing front. Further, after the initial investment, CPPIB would probably invest a further Rs 1,000 crore at a later date.

CPPIB, which manages $201.5 billion in funds, has a strategic alliance with Piramal Enterprises for providing structured debt financing to residential projects across India’s major urban centres. It also has a strategic alliance with the Shapoorji Pallonji Group to acquire foreign direct investment (FDI)-compliant, stabilized office buildings in India’s major metropolitan centres.

Larsen & Toubro (L&T) is a technology, engineering, construction and manufacturing company. It is one of the largest and most respected companies in India's private sector. More than seven decades of a strong, customer-focused approach and the continuous quest for world-class quality have enabled it to attain and sustain leadership in all its major lines of business.

Related Larsen & Toubro Ltd. Links:

Larsen & Toubro Share Price

1633.15 19.45 (1.21%) Aug 03, 18:01
1 Year Price Chart
Company Name CMP
Larsen & Toubro 1633.15
Rail Vikas Nigam 29.90
KEC International 415.60
NCC 87.90
PNC Infratech 313.05
View more..
Sensex vs Larsen & Toubro
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323