L&T Board Okays Rs 12K Cr Fundraise

Sat, 22 March 2025

13:40

Engineering conglomerate Larsen & Toubro (L&T) on Friday said its board has approved fundraising plans of up to Rs 12,000 crore, through different debt-based instruments -- external commercial borrowings, term loans, non-convertible debentures, or any other instrument as may be appropriate.

In another development, L&T announced the appointment of Subramanian Sarma, whole-time director and president, energy as deputy managing director and president of the company with effect from April 2 until February 2028.

Earlier in the day, L&T also announced a project win for its Buildings & Factories (B&F) vertical. The company said the order, worth between Rs 2,500 crore and Rs 5,000 crore, was from the Brigade Group to construct residential and commercial towers in Hyderabad and Chennai.

'This accounts for the largest residential project that the business has so far received from a private customer,' the press release said.

Meanwhile, L&T looks to utilise its existing land banks to drive a multifold expansion of its data centre business, aiming to reach 150 megawatts (Mw) of capacity by 2027, a senior executive stated on Thursday.

The company is also open to forming joint ventures (JVs) with foreign partners at a special purpose vehicle (SPV) level, said Seema Ambastha, CEO for L&T Cloudfiniti (data centre business), on a media call.

At present, L&T has operational data centres in Mumbai and Chennai, with a combined capacity of 32 Mw. New facilities are under development in Bengaluru, Panvel, and Mahape in Navi Mumbai, Ambastha said.

Reflecting on the potential for this business, Ambastha said: "Until maybe 2035, there is going to be a movement from the current 1 Gw to say 5-6 Gw or even 10 Gw. So it is a gap of 9 Gw. Nine Gw is not small. Look at the amount of land you need."

She said this was an opportunity that L&T must leverage.

"Totally sovereign, made in India, we have very good quality capital, good parcels of land banks and engineering talent."

Amritha Pillay, Business Standard

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