MUMBAI: Non-banking finance company L&T Finance Holdings has extended a loan of Rs 300 crore towards three projects of realty developer Satellite Group. The funding for nearly a million sq ft of development potential has been made at around 15% with a total tenure of up to 7 years, said two persons familiar with the development.

The funds will be used for construction of the developer's 5-lakh-sq-ft low-cost housing project in Mumbai's western suburb Malad, a mid-income group project in Goregaon suburb, and a premium project in South Mumbai.

Mumbai: Larsen and Toubro Ltd (L&T), India’s largest engineering and construction group, said it expects to sell its electrical unit and spin out its road assets trust by March 2018, a sign that funding for plans to acquire more companies in information technology (IT) will soon be in place.

Schneider Electric SE is in exclusive talks to buy the electrical unit, valuing it at around $2 billion, people familiar with the matter said last week.

Prime Minister Narendra Modi on Tuesday inaugurated first phase of 30-km stretch Hyderabad Metro Rail project, touted as the world's largest public-private partnership (PPP) in the sector. Commercial operations of the Metro project will begin November 29, Hyderabad Metro Rail officials said.

After inaugurating the first leg of Hyderabad Metro project from the Miyapur metro rail station on Tuesday, PM Modi took a ride in the metro.

Larsen&Toubro has sought additional financial support from Telangana to cover cost overruns in the Rs 16,000-crore metro rail project that stemmed from delays in its implementation, sources privy to the development said.

Prime Minister Narendra Modi is scheduled to inaugurate the first phase of the 72-km project tomorrow, touted to be the world's largest such project on public-private partnership in the sector.

Hyderabad Metro Rail is ready to chug over the pillars erected on road median, changing the landscape of this tech hub and promising to take the city's public transport to a different orbit.

The long-cherished dream of the people of this historic city is becoming a reality as the first phase of nearly 72-km elevated metro project is all set to be inaugurated by Prime Minister Narendra Modi on Tuesday.

L&T Metro Rail Hyderabad (LTMRHL), which is building the 72-km elevated Metro project in Hyderabad, is in talks to raise fresh funds to complete the second phase of the Hyderabad Metro Rail project. The company wants to raise about Rs 1,000-1,500 crore to lower the cost of debt. The first phase of the 30-km route of Hyderabad Metro Rail project will be inaugurated by Prime Minister Narendra Modi on November 28 and the remaining stretch is expected to be completed by the end of next year. The erstwhile Andhra Pradesh government had signed the concession agreement with LTMRHL, a special purpose vehicle, for the development of this project under the Design, Build, Finance, Operate and Transfer (DBFT) basis. Billed the largest Metro rail project in the PPP mode, it was taken up in 2010 for Rs 14,132 crore.

Private sector spending should come back on track in 2019, SN Subrahmanyan, CEO and MD of Larsen and Toubro, said on Monday. Speaking to a business news channel, Subrahmanyan said L&T’s working capital cycle has taken a beating is partly because private sector investments had gone into a shell over the previous two-three years and also owing to increased dependence on government projects which at times have financial hold backs for a minimum three months to clear. The company’s working capital cycle has jumped to 22%.

AM Naik, the non-executive chairman of the country's largest construction and engineering firm L&T, has recalled in his biography how he thwarted hostile takeover bids from the Ambanis and Birlas in early 2000s when the company had almost slipped from his hands.

Speaking at the launch of his biography titled 'The Nationalist', authored by columnist Minhaz Merchant, here last evening, Anil M Naik also reminisced about the historic three-phased demerger of Larsen & Toubro (L&T),

Larsen & Toubro announced that the heavy civil infrastructure business vertical of L&T Construction bagged an order worth Rs 8,650 crore from Mumbai Metropolitan Region Development Authority (MMRDA) for the construction of Mumbai Trans Harbour Link, Package 01 & 03.

The project involves the construction of a 21.8 km bridge connecting Mumbai mainland with Navi Mumbai.

L&T Infotech (LTI) said it would acquire Luxembourg based Syncordis S.A., a leading core banking implementation services provider for 15 million euros.

LTI would acquire the firm along with its subsidiaries in France, UK, Luxembourg and India.

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