RBI grants NBFC status to L&T Infrastructure
09 Jul 2010
Mumbai: L&T Infrastructure Finance Company, a subsidiary of the $9.8 billion Mumbai-based technology, engineering and construction group, Larsen & Toubro, has received the status of infrastructure finance company from the Reserve Bank of India within the overall classification of "non-banking finance company."
L&T Infrastructure commenced operations in January 2007 as an NBFC, a part of L&T's Financial Services Group, to finance infrastructure projects. Since then it has achieved cumulative approvals of Rs17,133 crore with cumulative disbursements of Rs7,615 crore across energy, transportation, telecommunication and other infrastructure sectors.
Larsen & Toubro, with global operations, is one of the largest and most respected companies in the private sector. It undertakes turnkey construction of fertiliser, refinery and petrochemical plants; cross-country pipelines and oil and gas terminals covering civil, structural, piping equipment, heavy lifts, electrical and instrumentation work.