JP Morgan, India Development Fund Pick Up 21.6% In L&T Infrastructure Arm
Tue, 04/25/2006 - 21:50 — Sahad P VA JP Morgan subsidiary and India Development Fund of IDFC have picked up 21.6-per cent stake in L&T Infrastructure Development Projects (L&T-IDPL) for Rs 550 crore ($122.2 million). L&T-IDPL is the infrastructure development subsidiary of the engineering major Larsen & Toubro. L&T and L&T-IDPL have signed the agreements with Silver Peak Investments (Mauritius) Ltd , a wholly owned subsidiary of JP Morgan, and a consortium led by India Development Fund.
The deal values L&T-IDPL at Rs 2,548 crore ($566.22 million). L&T would retain the remaining stake. L&T-IDPL has so far completed 20 projects and six new projects are under construction. They are major developers of industry parks, especially software development centres. For instance, it has built the Hitec City in Hyderabad. [Via Domain-b]
