L&T not to sell UltraTech Cement, India

L&T not to sell UltraTech Cement, India
Published: 06 July 2007

Larsen and Toubro Ltd (L&T) is not selling its 11.5 per cent stake in UltraTech Cement as it feels the stock is undervalued, a top company official said on Thursday.

The country’s largest construction and engineering company does not need to raise funds at this stage, Chairman and Managing Director AM Naik said.

"When it comes to selling UltraTech stock, I think it’s still undervalued stock. We will wait till such time we think that we need to do it," Naik told reporters here.

"Right now, we don’t need any money. We want the investments to grow," he said.