L&T sells entire stake in L&T Infocity to Ace Urban Developers
.jpg)
Infrastructure giant Larsen & Toubro (L&T) on Thursday said it has sold its entire 89% stake in L&T Infocity Ltd (LTIL) to Hyderabad-based Ace Urban Developers Ltd for Rs 191 crore.
L&T Infocity Ltd is an special purpose vehicle (SPV) formed by the infrastructure major in partnership with Andhra Pradesh Infrastructure Investment Corporation (APIIC) to develop IT infrastructure in the state.
"L&T promoted, an SPV formed in 1997 in partnership with APIIC to develop IT infrastructure in Andhra Pradesh. L&T owns 89 per cent stake in the SPV and the balance is held by APIIC...L&T has exited by divesting its 89% holding in LTIL to Hyderabad based infrastructure development company," it said in a BSE filing.
The SPV had a revenue of Rs 36 crore in 2015-16 with a profit after tax of Rs 7 crore.
The agreement for sale had been entered on February 18, 2016.
L&T said the consideration received from "such sale/disposal (is) Rs 191 crore".
The company said that apart from the IT infrastructure developments in Hyderabad, LTIL has also partnered in three ventures with equity investments.
It said that LTIL holds 58.11% in HITEX Ltd, an exhibition infrastructure venture, and 74% in L&T HiTech City Ltd, an IT special economic zone at Vijaywada.
Additionally, LTIL owns 26% in Visakhapatnam IT Park Ltd, an IT Park at Visakhapatnam.
Other Latest News
.webp)
India's Muthoot Finance is planning to raise funds through US dollar-denominated bonds maturing in three years and nine months and has provided initial guidance for a coupon of around 7.375 per cent, two bankers said on Tuesday.
These Regulation-S dollar bonds are expected to be priced later in the day or early on Wednesday, the bankers said, declining to be named as they are not authorised to speak to the media.
.webp)
Odisha Chief Minister Naveen Patnaik on Monday alleged that his opponents remember the people of the state only during elections and have no sincerity towards them.
Addressing back-to-back election rallies in Bhawanipatna and Khariar in the Kalahandi Lok Sabha constituency, Patnaik claimed that they disappeared after the elections.
.webp)
Union Home Minister Amit Shah cast his vote at a polling booth in Ahmedabad under the Gandhinagar Lok Sabha constituency in Gujarat on Tuesday morning.
Shah, who is contesting to retain the Gandhinagar Lok Sabha seat, greeted his supporters, interacted with them and signed autographs as he approached the polling booth at a sub-station in Naranpura locality here.
.webp)
Tech giant Microsoft Corporation recently acquired 48 acres of land in Hyderabad in a transaction estimated to be worth around Rs 267 crore.
The acquisition of the property was facilitated through Sai Balaji Developers, a land aggregator situated in Ranga Reddy district, as indicated in the documentation shared by data analytics company Propstack, according to a report in The Economic Times (ET).
.webp)
Shares of Shakti Pumps (SPIL) locked in the upper circuit for the fifth straight day, up 5 per cent at Rs 2,585.85 per share on the BSE in Monday's intraday deals. This came after the company reported a robust March quarter (Q4FY24) earnings and strong order book. In comparison, the S&P BSE Midcap and Smallcap index were down by 1 per cent.
The stock of the company is trading at its record high level and has rallied 28 per cent in past one week. Moreover, in the past 33 trading days, the stock has more than doubled or zoomed 104 per cent from Rs 1,121 on March 14, 2024.
.webp)
.webp)
.webp)
.webp)
.webp)
