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)
As the results for the Maharashtra polls will be announced tomorrow, Shiv Sena (UBT) leader Sanjay Raut on Friday exuded confidence in the victory of the Maha Vikas Aghadi (MVA), saying that around 160-165 MLAs will be elected from MVA.
Reacting to the speculations of the CM face from Maha Vikas Aghadi, Raut asserted that no formula has been made yet for the selection of the CM face as everyone will sit together and choose the CM.
.webp)
The Supreme Court on Friday issued a notice to the Enforcement Directorate (ED) in response to a petition from former Delhi Deputy Chief Minister and Aam Aadmi Party (AAP) leader Manish Sisodia. Sisodia sought a relaxation of the bail condition that mandates him to appear before the investigating officer every Monday and Thursday.
An SC bench of Justices BR Gavai and KV Viswanathan said that it would make a decision on the matter during the next hearing without any adjournment.
.webp)
Kenya's president said Thursday he has cancelled multimillion-dollar airport expansion and energy deals with Indian tycoon Gautam Adani after US bribery and fraud indictments against one of Asia's richest men.
President William Ruto in a state of the nation address said the decision was made based on new information provided by our investigative agencies and partner nations. He didn't specify the United States.
.webp)
Asserting that the relationship between India and the US is built on a strong foundation, the White House has expressed confidence that it can navigate the ongoing crisis surrounding bribery charges against Indian billionaire Gautam Adani.
At her daily news conference, White House Press Secretary Karine Jean-Pierre told reporters on Thursday that the administration is aware of the charges against Adani.
.webp)
Prime Minister Narendra Modi on Monday (local time) held a bilateral meeting with his Italian counterpart, Giorgia Meloni, on the sidelines of the G20 Summit in Brazil. PM Modi stated that their discussions focused on strengthening ties in defence, security, trade, and technology. He remarked, "India-Italy friendship can greatly contribute to a better planet."
.webp)
.webp)
.webp)
.webp)
