Larsen & Toubro Limited (BSE:500510) has initiated the process to sell its entire 51% in L&T Infrastructure Development Projects Limited (L&T IDPL) as the other key shareholder, Canada Pension Plan Investment Board (CPPIB), is unlikely to consolidate its investment in the company, a top executive told ET. L&T has adopted an asset-light strategy and is in the process of exiting non-core assets, including IDPL. The Canadian pension fund, which first invested in L&T IDPL in 2014 and has since increased stake to around 49%, was expected to buy out the remaining stake from L&T but that is unlikely now. The divestment got delayed, Dip Kishore Sen, Whole-Time Director and Senior Executive Vice President at L&T, told ET. We were expecting CPPIB to buy our balance stake, which doesn't seem plausible currently. However, we have restarted the divestment process now. Our financial advisor has sent teasers to about 25 companies, said Sen. Sen, who is also the Managing Director and Chief Executive Director of L&T IDPL, said the transaction is expected to be closed in the next six months. He declined to comment on the deal valuation. Industry speculation suggests that L&T could be seeking an enterprise value of INR 40 billion- INR 50 billion for the business. We are sure that IDPL will attract a lot of investors as it is a qualified company with a lot of credentials, Sen said. Also, at a time when the government has said that future road construction would be at least 50% through hybrid annuity/public-private partnership model, many companies are keenly looking at IDPL to immediately get qualification and credentials to bid for infrastructure development projects. He said CPPIB will be willing to sell its entire stake in L&T IDPL when L&T exits. Responding to an ET query, CPPIB said, "We will not comment on market rumours and speculation".