Engineering and construction major, L&T, will find new equity partners for its subsidiary L&T Infrastructure Development Projects Ltd (L&T IDPL) within one or two months.
“We are in the process of bringing new partners,” said AM Naik, chairman, L&T, after the annual shareholders meeting on Friday.
Naik said the company is looking for equity partners in Dhamra port project too.
Naik did not divulge details about the size of the stake the company plans to offload and the capital it plans to raise through divestment.
It was earlier reported that L&T plans to raise $500 million through equity dilution in L&T IDPL, the infrastructure development arm in which it holds 97.8% stake.
It was two-years ago that L&T bought out 21% stake owned by private equity players IDFC, IDF, JP Morgan in L&T IDPL for Rs 550 crore.
“New capital will be brought by unlocking value, not through fund infusion by L&T,” Naik said. He said the company is looking to sell non-core businesses.
“Defence will become an important business for L&T,” Naik said at the AGM.