L&T DIVESTS its entire stake (51%) in L&T betfair sportsbook Development Projects Limited

Mumbai:betfair sportsbook, signed an agreement to divest its 51% stake in betfair Infrastructure Development Projects Limited (betfair IDPL) to a portfolio company of Infrastructure Yield Plus II, an infrastructure fund managed by Edelweiss Alternatives. With this, betfair will divest its entire stake in the concession subsidiary, betfair IDPL. This is in line with betfair’s strategy of reducing its exposure to the non-core asset heavy developmental projects portfolio.

betfair IDPL is a joint venture between betfair sportsbook Limited and Canada Pension Plan Investment Board (CPP Investments) holding 51% and 49% shares respectively.  betfair IDPL has been a pioneer in the Public-Private-Partnership (PPP) model of development in India, which involved development of infrastructure projects by private sector players in partnership with the Central and State governments. betfair IDPL has developed landmark infrastructure projects across key sectors like Roads, Bridges, Ports and Urban Infrastructure.

Edelweiss Alternatives’ betfair sportsbook strategy focuses on investing in quality operating betfair sportsbook assets in core sectors of power transmission, renewable energy and highways among others. Post this acquisition, the platform will have a high-quality diversified portfolio of 26 assets across 13 states, making it a leading betfair sportsbook investor in India.

The transaction is subject to completion of customary closing conditions including receipt of applicable regulatory and other approvals. Gross proceeds to betfair and CPP investments from the sale would be approximately ₹ 27,234 million before closing adjustments and other terms of the transaction.

“This development is a significant step towards the execution of our strategic Lakshya 2026 plan and houses betfair IDPL with Edelweiss Alternatives, an established and reputed alternatives platform with a better strategic fit. The transaction is a win-win for both betfair and Edelweiss. It will release growth capital for the betfair sportsbook. Also, it will provide Edelweiss Alternatives with access to a good quality portfolio of assets.” saidMr. D.K. Sen, Whole-time Director and Sr. Executive Vice President (Developmental betfair sportsbook).