Edelweiss Alternatives is picking up 100 per cent of L&T Infrastructure Development Projects (L&T IDPL) at an enterprise value of Rs 6,000 crore. L&T IDPL is a joint venture between Larsen & Toubro and Canada Pension Plan Investment Board (CPP Investments).

Edelweiss Alternatives — an alternative investment fund management platform — said the transaction is being executed by a fund managed by the company and it also involves absorbing the operating team of L&T IDPL.

The portfolio of the target company comprises eight roads and one power transmission asset, spanning 4,900 lane km and 960 circuit km, respectively.

Sreekumar Chatra, managing director of the Infrastructure Yield Strategy fund which has signed agreements with shareholders of L&T IDPL, said these assets have a proven track record of operations, are geographically dispersed and have long residual life.

TaMo to run e-buses

Tata Motors on Saturday announced that the Bangalore Metropolitan Transport Corporation (BMTC) has signed a definitive agreement with its fully owned subsidiary, TML Smart City Mobility Solutions, for the operation of 921 electric buses in Bangalore.

TML Smart City Mobility Solutions will supply, operate and maintain 921 units of 12- metre low-floor electric buses called the Tata Starbus Electric, for a period of 12 years. Tata Starbus Electric is an indigenously developed electric vehicle by Tata Motors.