Infrastructure major Larsen & Toubro on Monday announced the transfer of its realty business to its arm L&T Realty Properties Ltd.

The development marks the beginning of a phased consolidation of all real estate assets and undertakings of Larsen & Toubro (L&T).

The approval on the same was given by the board through a slump sale via a scheme of arrangement. However, it is subject to requisite regulatory approvals.

"The Board of Directors of L&T has approved the transfer of its Realty Business Undertaking (Realty BU) to L&T Realty Properties Ltd (L&T Realty), a wholly-owned subsidiary of the company," the infrastructure major said in a statement.

"L&T Realty needs to perform independently. It has to continuously expand its project pipeline through proactive land bank growth and joint de

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