The report said that Malaysian sovereign fund Khazanah, Abu Dhabi headquartered Mubadala Development Corporation and US-based fund Capital International emerged as the frontrunners for this deal.
The infra arm, L&T Infrastructure Development Projects, will be valued at Rs 12,500 crore or just under USD 2 billion following the transaction which is one of the larger fund-raising exercises in recent times and signals continuing appetite for such investments despite gloom surrounding equities.
However, company's managing director KV Venkatesh refused to comment on the development and termed the reports as speculative. "I do not want to comment on any specific transactions. These are all speculative in nature."