L&T to float Rs 1,100-cr infra fund

"We are planning to set up USD 250-million infrastructure fund and are looking for foreign partners.. People are approaching us and we expect the deal to be finalised in a couple of months," L&T chief financial officer YM Deosthalee told reporters here today on the sidelines of a construction summit. He, however, refused to disclose the names of the foreign partners.

"To begin with, it could be a two-three anchor investors and later on, we could have multiple investors," said Deosthalee.

Welcoming the government proposal of setting up a Rs 50,000-crore infrastructure fund, he said this was being talked about earlier also but now there seems some action. "Hopefully something will happen this time around," he added.

The Planning Commission has proposed to set up a mega fund with seed money of Rs 50,000 crore to facilitate investment of over Rs 45 lakh crore into the infrastructure sector during the 12th Plan (2012-17).