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Larsen & Toubro (L&T), India's biggest engineering and construction company, said on Monday a unit of Canada Pension Plan Investment Board had agreed to invest an initial 10 billion rupees ($168 million) in its infrastructure development arm.
The Canadian pension fund will invest a further 10 billion rupees, or a higher amount, in L&T Infrastructure Development Projects Ltd (L&T IDPL) after 12 months of the first investment, L&T said in a statement.
The Canadian fund is investing in preference shares of L&T IDPL that are compulsorily convertible into equity shares by 2018 at a valuation agreed by both sides, said L&T, adding the fund would own a minority stake in L&T IDPL after the conversion.
($1 = 59.7000 Indian Rupees)