Canada Pension Plan Investment Board (CPP Investments) has agreed to sell its 49 percent stake in L&T Infrastructure Development Projects Ltd. (L&T IDPL) to Epic Concesiones Private, a portfolio company of Infrastructure Yield Plus strategy, managed by Edelweiss Alternative Asset Advisors.
Larsen & Toubro (L&T), which holds the remaining 51 percent stake in L&T IDPL, will also be selling its share in the company. Gross proceeds to L&T and CPP Investments from the sale are estimated at C$450 million ($330 million) prior to closing adjustments and other terms of the transaction.
L&T IDPL, a significant participant in the Indian infrastructure sector, holds assets including operational toll and annuity road concessions and power transmission lines. L&T IDPL is also a sponsor of IndInfravit Trust, India's first privately listed infrastructure investment trust or InvIT.
As part of the transaction, L&T and CPP Investments will estab