Edelweiss Alternatives to acquire L&T IDPL for Rs 6000 crore

Edelweiss Alternatives‘ Infrastructure Yield Plus Strategy, has signed definitive agreements with Larsen & Toubro Limited (L&T) and Canada Pension Plan Investment Board (CPP Investments) to acquire 100% equity stake in L&T Infrastructure Development Projects Limited (L&T IDPL) for Rs 6,000 crore.

The portfolio comprises eight roads and one power transmission asset in India, spanning 4,900 lane-kms and 960 ckms, respectively. The transaction is subject to customary closing conditions including applicable regulatory and other approvals.

“Following this acquisition, the infrastructure platform will scale up to 26 assets with cumulative annual revenue of nearly INR 2,700 crore. The platform will be a diverse mix of power transmission and substations, renewables and highway assets spread geographically,” Edelweiss Alternatives said in a press statement, adding that the acquisition is in line with the infrastructure yield strategy to generate regular distributions for investors by acquiring quality operating infrastructure assets with strong cash flows and unlocking value through active asset management.

Edelweiss Infrastructure Yield Strategy has Rs 9,500 cr of Infrastructure assets under its domain with focus on investing in infrastructure sectors such as power transmission, renewable power, and highways among others.
Sreekumar Chatra, Managing Director, Infrastructure Yield Strategy said, “These assets have a proven track record of operations, are geographically dispersed and have long residual life, which is consistent with our investment strategy. We believe our asset management and operating capabilities, together with that of L&T IDPL, will help scale up this platform.”

On completion of the acquisition, Edelweiss Alternatives said it will have a diversified infrastructure portfolio of 26 assets across 13 states, making it a leading infrastructure investor in India.

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