CPPIB's entry will entail a dilution from parent L&T but there are no plans on the anvil to sell its stake, said CEO and MD, K Venkatesh of L&T IDPL.
The first tranche of Rs 1000 crore investment by Canada Pension Plan Investment Board (CPPIB) into L&T Infra Development Project will come in twelve months time said the company CEO and MD, K Venkatesh.
He said as of now the agreement has been signed for Rs 2000 crore and it could go higher depending on business prospects and market conditions.
Investment will be done via preference shares of L&T IDPL and the shares will be compulsorily convertible into equity shares by 2018.
When asked if the company had any plans of listing IDPL, he confirmed that they had no immediate plans of listing in the short to medium term.
Quashing concerns regarding cost overruns for the Hyderabad Metro project, he said almost 30 percent of the project has been completed so far with almost none cost overruns. Basically cost overruns are a projection at different points of time, he added.
He added that the company has bought certain aspects of cost overruns under control like halving their exposure to foreign exchange by converting them into rupee terms. Also softening of oil prices and stability of cement and steel prices has helped them control costs.
Answering a query if L&T would dilute its stake in IDPL, he said with CPPIB now coming in there is sure to be dilution of L&T stake when the conversion happens, depending on valuation at that point of time but there are no plans on the anvil by L&T to sell its stake to anyone.
L&T IDP is the largest road developer in India and is a subsidiary of L&T. It is building India's largest metro project in PPP format in Hyderabad. Building roads is 53% of its project portfolio.
more to come
Anda sedang membaca artikel tentang
No immediate plans to list Co: LT IDPL CEO
Dengan url
https://olahragakecantikan.blogspot.com/2014/12/no-immediate-plans-to-list-co-lt-idpl.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
No immediate plans to list Co: LT IDPL CEO
namun jangan lupa untuk meletakkan link
No immediate plans to list Co: LT IDPL CEO
sebagai sumbernya
0 komentar:
Posting Komentar