Engineering and construction giant Larsen & Toubro (L&T) has revealed its plan to raise capital in L&T Infrastructure Development Project Ltd (IDPL) by selling a stake in the subsidiary in the next two months.

The company is also looking for new equity partners in its Dhamra Port project. However, equity partners for the Dharma project will be found at a later stage.

Following the company's 67th annual general meeting in Mumbai on Friday, chairman A M Naik said, "We are hopeful of raising capital in L&T IDPL in the next two months, while in Dhamra it will come before this fiscal ends."

He said new capital would be raised in the company's infrastructure business by unlocking the value rather than the company continuously investing in the infra unit. He added that it would not be wise to bring an IPO of any of the business unit because the company would not get the right valuation in the current economic environment.

Mr. Naik, however, declined to disclose the figures for planned equity dilution and capital to be raised.

Mr. Naik also urged the government to frame strong anti-dumping laws to protect Indian manufacturing sector from cheap imports from China.

L&T IDPL currently has nineteen road projects in its pocket, while it owns a 50 per cent stake in the Dhamra Port Company joint venture, with another 50 per cent stake being held by Tata Steel.