India Larsen & Toubro may sell UltraTech cement stake
Indian engineering and construction company Larsen & Toubro Ltd plans to sell its 11.5% equity stake in UltraTech Cement Ltd a unit of Aditya Birla Group, The Economic Times reported, citing a company official.
L&T had sold UltraTech Cement to Aditya Birla Group for INR22bn in 2003, while retaining a 11.5% stake in the company with a four-year lock-in period, the report said.
"The lock-in period comes to an end in a month’s time. While we have not given much thought to this, we would like to offload the stake in phases," L&T’s Chairman and Managing Director A. M. Naik said in the report. Published under Cement News
