Home News Industry News L&T ​offloads entire stake in L&T Infocity

    L&T ​offloads entire stake in L&T Infocity

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    L&T

    L&T

    Infrastructure giant, Larsen & Toubro (L&T) said it has sold its entire 89 per cent stake in L&T Infocity Ltd (LTIL) to Hyderabad-based Ace Urban Developers Ltd for Rs. 191 crore, the company said in a BSE filing. L&T Infocity Ltd is a special purpose vehicle (SPV) formed by the infrastructure major in partnership with Andhra Pradesh Infrastructure Investment Corporation (APIIC) to develop IT infrastructure in the state. The SPV had a revenue of Rs. 36 crore in 2015-16 with a profit after tax of Rs. 7 crore. The agreement for sale was entered on February 18, 2016. The company said apart from the IT infrastructure developments in Hyderabad, LTIL has also partnered in three ventures with equity investments. It said LTIL holds 58.11 per cent in HITEX Ltd, an exhibition infrastructure venture, and 74 per cent in L&T HiTech City Ltd, an IT SEZ in Vijayawada. Besides, LTIL owns 26 per cent in Visakhapatnam IT Park Ltd.

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