Edelweiss-backed Epic Concesiones Acquires 100% Stake in L&T Infrastructure Development Projects Limited (L&T IDPL)

Epic Concesiones Private Limited (ECPL) has acquired 100% of the equity share capital of L&T Infrastructure Development Projects Limited (L&T IDPL).

Incorporated in August 2022, ECPL is a portfolio company of Infrastructure Yield Plus Strategy, which is managed by Edelweiss Alternative Asset Advisors Limited, 

ECPL acquired the stake at an enterprise value of Rs 6,000 crore.

L&T IDPL was a joint venture between Larsen & Toubro Limited and the Canada Pension Plan Investment Board (CPP Investments) holding 51% and 49% shares respectively. L&T IDPL has been a pioneer in Public-Private-Partnership (PPP) model of infrastructure development in India. Both L&T (51%) and CPP Investments’ (49%) stakes have been acquired by Epic Concesiones Private Limited. 

This acquisition aligns with L&T's strategy to exit non-core businesses and enhance its return on equity. With this deal, the infrastructure platform will scale up to 26 assets, including roads, power transmission assets, and renewables, with cumulative annual revenue of Rs 3,000 crore.

The acquisition includes -

• 51% of the equity share capital of L&T IDPL from Larsen and Toubro Limited.
• 49% of the equity share capital of L&T IDPL from CPPIB India Private Holdings Inc.
• 100% of the equity share capital of Kudgi Transmission Limited (KTL), a wholly-owned subsidiary of L&T IDPL, by Infrastructure Yield Plus II (IYP II).

L&T IDPL is involved in the development, operation, and maintenance of infrastructure projects under the Public Private Partnership model, L&T IDPL's subsidiaries enter into concession agreements with National Highways Authority of India / State authorities and transmission service agreements with power supply generation / transmission / distribution companies.

KTL is Engaged in developing a transmission system required for power evacuation.

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