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L&T Finance Limited
L&T Finance Limited is the NBFC arm of Larsen & Toubro, managing ~$10B in assets across infrastructure, renewable energy, and retail finance in India.
L&T Finance Limited
L&T Finance Limited was incorporated in 1994 as the financial services subsidiary of Larsen & Toubro, a $25B+ Indian engineering and construction conglomerate. The firm is headquartered in Mumbai with an additional office in Bangalore, and operates as a systematically important non-deposit-taking NBFC regulated by the Reserve Bank of India. The firm's investment portfolio spans infrastructure finance (roads, ports, power transmission), renewable energy (solar and wind projects), and retail finance through its two-wheeler and micro-loan portfolios. As of March 2024, total assets under management stood at ₹85,184 crore ($10.2B at prevailing rates), per the firm's annual report. L&T Finance has participated in syndicated loans and project financing for National Highway Authority of India road projects and solar park developments in Rajasthan and Gujarat. L&T Finance employs approximately 1,800 people across its operations. In April 2024, the firm completed the sale of its mutual fund business to HSBC Asset Management for ₹1,010 crore ($121M), as part of a strategic shift toward core lending and infrastructure finance. The firm also operates a subsidiary, L&T Infrastructure Finance Company Limited, which focuses on long-term project finance. A structural differentiator is L&T Finance's direct linkage to Larsen & Toubro's industrial base, giving it proprietary access to project origination in infrastructure and energy where L&T acts as EPC contractor. This integrated model — where the lender and contractor share the same parent — is unusual among Indian NBFCs and provides the firm with early-stage deal flow and contractor-level risk visibility.
General information
Firm type
Asset Manager
Year founded
1994
AUM
Undisclosed
Location
Region
Asia
Country
India
City
Mumbai
Corporate office
Mumbai, Maharashtra, India
Additional offices
Bangalore, Karnataka, India
Principals
Dinanath Dubhashi
Managing Director & CEO
Sachinn Joshi
Chief Financial Officer
Sector focus
Frequently asked questions
Who runs investment decisions at L&T Finance?
Dinanath Dubhashi has served as Managing Director & CEO since 2021. He previously held roles at Standard Chartered and IDFC. Investment decisions are made by the firm's credit and investment committees, which include senior management and board members. The firm's board includes nominees from parent Larsen & Toubro.
How does L&T Finance source proprietary deal flow?
L&T Finance benefits from its parent Larsen & Toubro's position as a major EPC contractor in India. The firm reviews infrastructure and energy projects where L&T is the contractor, gaining early access to financing opportunities. It also participates in government-initiated project finance through the National Highway Authority of India and state-level renewable energy programs.
Is L&T Finance structured as a family office or an asset manager?
L&T Finance is a publicly regulated non-banking financial company (NBFC), not a family office. It is a subsidiary of Larsen & Toubro, a publicly listed conglomerate. The firm is registered with the Reserve Bank of India and files public financial disclosures. It does not manage personal wealth for the L&T founding family.
What investment stages and asset classes does L&T Finance typically target?
L&T Finance primarily targets project finance and structured credit across infrastructure, renewable energy, and retail lending. It provides senior debt, mezzanine financing, and construction-stage loans for roads, ports, transmission lines, and solar/wind farms. The firm also originates two-wheeler and micro-loan portfolios through its retail finance vertical.
Does L&T Finance participate in fund commitments or only direct lending?
L&T Finance operates primarily as a direct lender and project financier rather than a fund-of-funds or private equity fund manager. It originates and holds loans on its balance sheet. The firm has also co-invested in syndicated loan facilities alongside banks and other NBFCs for large infrastructure projects.
What is L&T Finance's relationship to L&T Infrastructure Finance?
L&T Infrastructure Finance Company Limited is a wholly owned subsidiary of L&T Finance that specializes in long-term project finance for infrastructure. The two entities operate under common management and share origination and credit teams. L&T Finance consolidated the subsidiary's results into its own financial statements.
Where does the underlying wealth of L&T Finance come from?
L&T Finance is a subsidiary of Larsen & Toubro, a publicly listed engineering and construction conglomerate founded by two Danish engineers in 1938 and later Indian-controlled. The firm does not manage family wealth; its capital base comes from retained earnings, debt markets, and public equity. L&T is widely held with no single controlling family.
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