Larsen & Toubro Limited (BSE:500510) which intends to exit from the Hyderabad Metro project, is working on steps such as reorganizing the project's capital structure in a staged manner spanning 2-3 years, in order to make the
asset attractive to prospective buyers, said Shankar Raman, Chief Financial Officer, Larsen & Toubro. As part of its five year strategic plan `Lakshya 26' the company is looking to divest its investment in few non-core areas, which includes road and power concessions business as well as capital restructuring and minimising its stake in Hyderabad Metro Rail Limited, operated by L&T Metro Rail (Hyderabad) Ltd. L&T currently holds 90% stake in the metro project with the remaining held by the Telangana Government and plans to bring down its stake 51% in the near term. ".the (Hyderabad Metro) divestment is not going to be a single step effort. The concession agreement provides for some staged divestment, and then we need to go from 100% holding to a 51% holding, to a 26% holding," said Raman in a conference call with journalists post release of L&T's consolidated results for Jul-Sep.