The Hindu Business Line : L&T set to float $1-b infrastructure fund

L&T is preparing to float a $1-billion infrastructure fund, Mr Y.M. Deosthalee, Chief Financial Officer, L&T, told Business Line on Friday. He said the advisors would finalise the structure and the location of the proposed fund within a fortnight.

Mr Deosthalee said that the total corpus would be raised in two tranches and the first one of $300 million would be through in the next six months. The next tranche of $700 million was scheduled for the later part of 2008-09, he added.

“We have started preparations for clearing various regulatory hurdles,” the CFO said, but did not divulge the details about likely partners in the fund.

NBFC asset base

Meanwhile, L&T has decided to more than double the asset base of L&T Finance, a 100 per cent NBFC subsidiary, to Rs 8,000 core from the current Rs 3,500 crore, he said.

The wholly owned subsidiary L&T Infotech Ltd, which is scheduled for an IPO in the second half of 2008-09, had recorded a revenue of Rs 740 crore in the first half of 2007-08 against Rs 619 crore in the corresponding period of the previous fiscal.

According to Mr Deosthalee, it is already among the top ten IT companies in terms of revenue earning.

L&T Infotech also has two 100 per cent foreign subsidiaries – one registered in Germany and the other in Canada.

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