Larsen & Toubro Ltd.

Larsen & Toubro (L&T) is reportedly planning to sell stake in its three subsidiaries to exit non-core areas. The company is expecting to raise $1-1.5 billion from the sale.

In this regard, the infrastructure major has mandated Citigroup to scout for buyers for certain assets, including L&T EWAC Alloys, and L&T Valves; it expects L&T Valves to fetch about $700 million. Further, the company is eyeing a partial stake sale in L&T Infotech.

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.