L&T Infrastructure Finance, a wholly-owned subsidiary of Indian technology, engineering, construction and manufacturing company Larsen & Toubro is to set up its maiden infrastructure fund, a spokesman has confirmed.
The company will target $250 million for its maiden fund, which will invest in Indian infrastructure projects, according to YM Deosthalee, L&T Infrastructure Finance chairman and L&T Group CFO, Dow Jones reported.
The company will start fundraising within the next two months and is seeking two to three anchor investors for the fund, he said.
An L&T spokesman confirmed the company will raise an infrastructure fund but could not provide additional information.
L&T Infrastructure Finance was set up in January 2007 as a non-banking financial company to provide financial solutions for infrastructure development. The company provides project finance, project assistance and financial advisory services across segments such as power, ports and shipping, railways, aviation, urban infrastructure, agri-infrastructure, irrigation projects, tourism infrastructure and social infrastructure.
Established in 1938, Larsen & Toubro is a Mumbai-headquartered conglomerate with diversified interests in heavy engineering, construction, cement manufacturing, power generation, equipment manufacturing and information technology.