With more leeway to fund projects and tax exemptions, L&T Infra Debt Fund (IDF), L&T Finance group's infrastructure refinancing arm, plans to raise up to Rs 2,750 crore through debentures.

The money raised via non-convertible debentures (NCDs) will be used to fund infra projects, including those in renewable energy sector (wind and solar). L&T Financial services group will also inject more equity in the subsidiary to support expanding asset base. L&T IDF's net worth was Rs 615 crore (including additional equity infusion in December 2015) and debt of Rs 775 crore.

Infrastructure firm Larsen & Toubro (L&T) said Tuesday its construction arm has bagged orders worth Rs 1,672 crore across various business verticals.

The company's construction arm "has won orders worth Rs 1,672 crore", it said in a BSE filing.

Larsen & Toubro (L&T) is trading higher by 3% to Rs 1,115 on the BSE after the company announced that it has won orders worth Rs 2,213 crore across its various businesses.

The transportation infrastructure business has bagged new orders worth Rs 1,078 crore from the National Highways Authority of India (NHAI) for the construction of the Kerala/TamilNadu –Villikuri -Kanyakumari sections of NH-47 and NH 47B under NHDP Phase-3 in the state of Tamil Nadu on EPC mode. The projects are scheduled to be completed in 24 months.

Infrastructure and engineering major Larsen & Toubro (L&T) is planning to sell 49 per cent stake in its general insurance company to a foreign entity. The deal is expected to be finalised in the next three to six months.

L&T General Insurance Company is a wholly owned subsidiary of L&T and among the few in the sector without a foreign partner. The Insurance Laws (Amendment) Act of 2015 has allowed foreign direct investment (FDI) up to 49 per cent in insurance companies. Earlier, only 26 per cent FDI was allowed. "The stake sale is primarily targeted at monetisation.

L&T Hydrocarbon Engineering Limited (LTHE), a wholly-owned subsidiary of Larsen & Toubro (L&T), has signed a long-term agreement with McDermott International - the US-based engineering, procurement, construction (EPC) and installation company - focused on subsea projects in deepwater segment emerging on the east coast of India.

Under the agreement, L&T Hydrocarbon and McDermott will develop a cost-effective approach which will utilise LTHE’s strategically located Kattupalli facility near Chennai for fabrication and setting up of a local spool base in India.

L&T electrical and Automation, the $1 billion unit of Larson and Toubro, expects infrastructure projects by the government and investment in upgrading existing factories by corporates to drive business faster over the next few years. The firm says that business from upgrading switches and drives contributes to 13% of its revenue, up from 5% a few years ago.

"When somebody is not setting up new factories, they want to extend the life of their existing installations," said PK Bajaj, executive vice-president, L&T (Electrical & Automation) in an interview. "We hear words like upgrades, add one line, debottle-necking lot more than new capacities. These are efforts to release those capacity which otherwise they are not bothered," he added.

Larsen & Toubro (L&T) said on Friday it has bagged orders worth Rs 1,404 crore across various business verticals.

In a BSE filing, the company said its construction arm "has won orders worth Rs 1,404 crore".

As the government looks to double the length of the country's highways to 200,000 km, engineering and construction giant Larsen & Toubro has said it sees huge opportunities in the sector.

It has, however, listed out a number of challenges facing the roads sector, including funding constraints.

Tata Motors, Bharat Forge and General Dynamics have forged an alliance to bid for the $11 billion (Rs 78,000 crore) project of making combat infantry vehicles for the Indian Army under the Future Infantry Combat Vehicle (FICV) Programme. Responding to a query, Tata Motors said: We confirm partnering with Bharat Forge for local manufacturing of guns, ammunition and such other elements of fire power that form part of the FICV Programme.

With two of the front runners, Tata Motors and Bharat Forge, joining hands, the number of total bidders has come down to nine from 10. The alliance now stands higher chances of making it to the final three prototype manufacturers, bids for which were given on Monday, according to a senior Bharat Forge executive.

Qatari fleet owner Halul Offshore Services Co. WLL has cancelled two of the 10 offshore oil exploration support vessels it ordered from L&T Shipbuilding Ltd in 2012 and 2013 as oil firms cut back production to deal with a steep fall in crude prices, reducing demand for vessels that supports oil rigs and platforms.

A spokesman for Halul Offshore confirmed the cancellation of two anchor handling, towing, supply and standby vessels (AHTSVs) with a bollard pull of 150 metric tonnes (mt), each costing $20 million.

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