Canada Pension Plan invests Rs 1,000 cr in L&T infra subsidiary
.jpg)
Canada Pension Plan Investment Board (CPPIB) has completed its initial Rs 1,000-crore investment in Larsen & Toubro Infrastructure Development Projects (L&T IDPL). The two companies had signed an agreement in June and the investment was concluded on Tuesday.
According to the agreement, CPPIB will invest the second tranche of (a minimum of) Rs 1,000 crore after 12 months. This is the first direct investment by the Canadian pension plan in an Indian infrastructure company.
CPPIB has invested in preference shares of L&T IDPL, compulsorily convertible into equity shares by 2018, at a valuation to be determined according to a mutually-agreed process. After conversion, the Canadian firm would hold a minority stake in the equity capital of L&T IDPL, the companies had earlier said.
L&T IDPL handles a portfolio of infrastructure assets comprising road projects, ports and the Hyderabad Metro Rail project. The company is looking to deleverage its investments.
Other Latest News
.webp)
Auto major Tata Motors on Friday reported a consolidated net profit of Rs 17,407.18 crore for the quarter ending March 31 (Q4) in the financial year 2023-24 (FY24). This was a staggering 222 per cent growth in profit compared to Rs 5,407.79 crore reported during the same period last year. Sequentially, profit grew 49 per cent from Rs 11,666.07 crore in Q3.
The company's revenue from operations was Rs 1.19 trillion, a 13.5 per cent increase year-on-year (Y-o-Y) from Rs 1.05 trillion. Sequentially, revenue rose 8.6 per cent from Rs 1.10 trillion.
.webp)
IT major Wipro has appointed Vinay Firake as the chief executive officer (CEO) of the Asia Pacific, India, Middle East, and Africa (APMEA) strategic market unit (SMU), effective immediately. Vinay will be based in Dubai and report to chief executive Srini Pallia. He will also join the Wipro executive board.
Wipro has undergone significant C-level restructuring this year. On April 6, Wipro appointed Srini Pallia as the CEO and managing director, succeeding Thierry Delaporte.
.webp)
Congress national general secretary Priyanka Gandhi Vadra on Friday alleged the ruling BJP seeks votes in the name of God instead of talking about how it will control inflation or provide employment to people.
Addressing a number of 'nukkad sabhas' in support of Congress candidate from Amethi Lok Sabha seat Kishori Lal Sharma, Priyanka Gandhi said while Prime Minister Narendra Modi claims on TV that his government did in 10 years the work that was not done in the last 70 years, the situation on the ground level is different.
.webp)
The Supreme Court will pass an order today on Delhi Chief Minister Arvind Kejriwal's interim bail in the money laundering case registered against him by the Enforcement Directorate (ED) in connection with the Delhi excise policy case.
A bench headed by Justice Sanjiv Khanna on Wednesday told Enforcement Directorate counsel Additional Solicitor General SV Raju that it may pass the order on interim relief to Kejriwal on Friday.
.webp)
Andhra Pradesh Chief Electoral Officer (CEO) Mukesh Kumar Meena on Thursday took stock of the arrangements made for the simultaneous Lok Sabha and Assembly elections 72 hours prior to the polling day in the state on May 13.
The CEO called on the officials from across departments to ensure the elections are held in a "peaceful, fair, and exemplary" manner.
.webp)
.webp)
.webp)
.webp)
.webp)
