Canada Pension Plan Investment Board (CPPIB), through a subsidiary has made an initial investment of Rs 10 billion in L&T's subsidiary- L&T Infrastructure Development Projects (L&T IDPL) by way of subscription to compulsorily convertible preference shares.
A second tranche of Rs 10 billion or such higher amount as may be agreed between L&T IDPL and CPPIB's subsidiary will be invested after 12 months from the date of the initial investment, subject to any required regulatory approvals at such time.
Larsen & Toubro and CPPIB have completed the definitive investment agreement entered into in June 2014. The agreement was made between L&T and a wholly owned subsidiary of CPPIB, for investment into L&T's subsidiary- L&T IDPL.
