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Larsen & Toubro (L&T) may unlock value from some of its subsidiaries in the next few years, analysts expect. Priyanko Panja, an analyst at Edelweiss Capital said that he is expecting at least three IPOs from the L&T stable. He has got endorsement from none other than Y M Deosthalee, CFO of L&T.

Deosthalee told CNBC-TV18 that L&T Infotech is expected to come up with an IPO in 2008. He also said that L&T IDPL and the finance arm are also likley to come up with IPOs in the next two years. He said: "As far as L&T Infotech is concerned, we are looking at 2008 as the probable year for listing and we are still working on that time frame...As far as other companies are concerned, there is no definite time frame. L&T IDPL has more then 30 odd companies and SPVs under its fold. What’s important is that many of these SPVs are generating cash, which is accruing to L&T IDPL.

Panja said: "In terms of Larsen’s subsidiaries, joint ventures and associates, it’s a very complex web. We expect somewhere around three IPOs, in terms of IDPL, its finance subsidiaries put together, and Larsen Infotech, over the next two-three years. They are likely to be at a base value of a billion dollars each and in a slightly phased manner, given that the first one of the block could be Larsen Infotech."