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Larsen & Toubro Ltd Realty sells stake in Chennai township project for Rs 190-cr | Ripples Financial advisory
L&T's arm L&T Realty has sold its 51 per cent stake in a township project at Chennai for Rs 190 crore to an investment firm Pragnya group. "L&T Realty Ltd, a wholly-owned subsidiary of Larsen & Tourbo Ltd, has executed a share purchase agreement for selling its entire stake in L&T South City Projects Pvt Ltd to Pragnya group," the construction firm said in a BSE filing.
L&T Realty owns 51 per cent stake in L&T South City Projects Pvt Ltd, which is engaged in the development of a 92-acre residential township at Siruseri, Chennai. On the rationale for sale, L&T said that it was "limited scalability of the business in the project for L&T Realty Ltd".