Reuters – India’s L&T Infra eyeing $250-$300M from PEs

India’s L&T Infrastructure Development Projects Ltd is in talks with private-equity investors including Temasek Holdings to raise $250 million to $300 million, Reuters reported. Emerging markets private-equity firm Actis and India’s IDFC Project Equity are also in separate talks to invest in the company, Reuters wrote.

(Reuters) – India’s L&T Infrastructure Development Projects Ltd (L&T IDPL) is in talks with private-equity investors including Temasek Holdings to raise $250 million to $300 million, three sources with direct knowledge of the matter said.

 

Emerging markets private-equity firm Actis and India’s IDFC Project Equity are also in separate talks to invest in the company, said the sources, declining to be named.

 

L&T IDPL, a unit of India’s top engineering conglomerate Larsen and Toubro, builds roads, bridges, ports and metro rail. It is currently handling projects worth 400 billion rupees ($7.2 billion), according to the company website.

 

The company will use the private-equity funding for capital expenditure purposes, two of the sources said.

 

A Larsen & Toubro spokesman declined to comment. Actis’ head of South Asia, J.M. Trivedi, did not immediately respond to an email seeking comment, while officials at IDFC Project Equity and Singapore state investor Temasek were not available.

 

($1=55.7 rupees) (Reporting by Sumeet Chatterjee and Indulal P.M.; additional reporting by Saeed Azhar in SINGAPORE; Editing by Aradhana Aravindan)