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| Exchange Disseminated Time 23/09/2015 10:45:52 | Larsen & Toubro Ltd has informed BSE that the following :
"Reports have appeared in the media about 2 Special Purpose Vehicles (SPVs) promoted by L&T Infrastructure Development Projects Limited (a subsidiary of Larsen & Toubro Limited) defaulting on loans obligations. The above defaults aggregating to Rs. 12 Cr. were with respect to servicing of project loans as on August 31, 2015. The Company wishes to clarify that loans availed by the 2 SPVs are without recourse to either L&T Infrastructure Development Projects Limited or to Larsen & Toubro Limited. The defaults have occurred primarily out of failure of the respective concession authorities in meeting certain of their obligations under the respective concession agreements." |
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