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The Reserve Bank of India (RBI) has cancelled the certificate of registration of seven non-banking finance companies (NBFC), three from Chhattisgarh, two each from Karnataka and Madhya Pradesh. Separately, the central bank has said that 14 NBFCs have surrendered their certificate of registration (CoR), including L&T Infrastructure Development Projects Limited.
One factor that weighed on operating profit was the higher staff costs for the information technology services business.
Get latest articles and stories on Business at LatestLY. With this, L&T will divest its entire stake in the concession subsidiary, L&T IDPL. This is in line with L&T's strategy of reducing its exposure to the non-core asset-heavy developmental projects portfolio, according to a statement from Larsen and Toubro. Business News | Edelweiss Alternatives Acquires L-T Infrastructure Development Projects.
Larsen and Toubro sold its 51% stake in L&T Infrastructure Development Project to Edelweiss Alternatives' portfolio company
The JV owned eight roads and one power transmission asset in India.