L&T Concludes Divestment of 99 MW Hydroelectric Power Plant in Rs 1,001.50 Cr with ReNew

In line with its strategy to divest all non-core assets in the portfolio, Larsen & Toubro (L&T) has concluded the divestment of its 100 per cent stake in the 3x33 MW i.e. 99 MW hydroelectric power plant at Singoli-Bhatwari in Uttarakhand.

As per the terms of the deal, the EPC projects, Hi-Tech manufacturing and services conglomerate L&T has received a consideration of Rs 1,001.50 crore as divestment proceeds from ReNew Power on August 30, 2021.  

Commenting on the divestment, DK Sen, Whole-time Director and Sr. Executive Vice President (Development Projects), L&T, said, “we have already identified our non-core assets in Nabha Power, a 2x700 MW supercritical thermal power plant at Rajpura, Punjab, L&T Infrastructure Development Projects Ltd (L&T IDPL), our subsidiary primarily engaged in road projects and power transmission lines and Hyderabad Metro, the largest Public-Private Partnership (PPP) project in the Metro rail sector for divestment. We will work out the divestment process of all these assets over a period of time.”