Cyril Amarchand Mangaldas Advises Larsen & Toubro on Real Estate Consolidation
Cyril Amarchand Mangaldas (CAM) has advised Larsen & Toubro Limited (L&T) on the proposed scheme of arrangement among L&T and L&T Realty Properties Limited (LTRPL) and their respective shareholders. This scheme, approved by the boards of L&T and LTRPL on December 8, 2025, is a significant step towards consolidating L&T’s real estate assets into a unified entity, LTRPL, to better capitalize on India’s growing property market.
The proposed scheme involves the transfer of L&T’s realty undertaking to LTRPL on a slump sale basis. In return, LTRPL will issue equity shares to L&T. This transaction marks the beginning of a phased consolidation of all real estate assets and undertakings of L&T, creating a future-ready entity capable of leveraging the opportunities in India’s real estate sector.
The transaction team advising L&T was led by L. Viswanathan, Senior Partner, and Sudhir Kapadia, Senior Advisor, with support from Bhargav Joshi, Partner, and associates Saumya Sharma, Ayushi Agarwal, and Arushi Kankariya. Indranil Deshmukh, Partner (Head – Disputes), along with Tapan Deshpande, Director – Corporate Litigation, and Aekaanth Nair, Senior Associate, provided advice on disputes aspects of the transaction.
Ashish Jain, Edward James, Rishiraj Bhatt, Abhilash Pillai, and Siddharth Singh, all Partners, advised on various aspects of the transaction, including real estate, with assistance from Principal Associates Kripa Sankari, Shorya Choudhary, and Siddharth Iyer, Senior Associates Pavithra Rao and Vedantha Sai, and other team members.
Ankita Ray, Partner, with assistance from Principal Associate Faiza Khan and Associate Mayank Jain, advised on employment aspects. Kaustav Kundu, Partner, with support from Senior Associate Rajat Sharma and Associate Vrinda Gundam, provided competition law advice. Devaki Mankad, Partner (Regional Co-Head – Capital Markets – West), and Manan Lahoty, Partner (Head – Capital Markets), along with Associate Hitesh Nagpal, advised on capital markets aspects of the transaction.
This comprehensive team effort ensures that L&T and LTRPL are well-prepared for the consolidation, aligning with the strategic goal of creating a robust and unified real estate entity in India.
