L&T Realty Ltd., a wholly owned subsidiary of Larsen & Toubro Ltd., will sell its entire stake in L&T South City Projects Pvt. Ltd., which is building a township project in Chennai for an estimated Rs 190 crore.
It will sell 51 percent stake in the project to investment firm Prangya Group, parent company L&T informed the exchanges in a filing. The share sale is expected to be completed by March 30, 2017.
Limited scalability of the business in the project for L&T Realty was the rationale behind the sale, said the company.
L&T South City Projects is engaged in the development of a 92-acre residential township in Siruseri, Chennai. Prangya Group has been involved in the project since its inception, the filing added.
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