Larsen & Toubro and Canadian Pension Plan Investment Board (CPPIB) have entered into an agreement with Edelweiss Alternatives to sell their 100% stakes in L&T Infrastructure Development Projects Limited (L&TIDPL), a Joint venture of L&T and CPPIB.

As part of the transaction, L&T and Canada Pension Plan Investment Board (CPP Investments) will establish a new entity to be the sponsor of IndInfravit subject to regulatory and other approvals. The portfolio comprised CPP Investments's 49% stake and L&T's 51% stake in L&T IDPL. It involves 8 roads and 1 power transmission asset, spanning 4,900 lane km and 960 circuit km.

The transaction was valued at INR27, 234 million (US$329.18 million).