Larsen & Toubro (L&T) has concluded the divestment of its 100 percent stake in three x 33 MW (99 MW) hydroelectric power plant at Singoli-Bhatwari in Uttarakhand.
As per the terms, the EPC projects, Hi-Tech Manufacturing and Services conglomerate received a consideration of Rs 1,001.50 crore as divestment proceeds from Renew Power on 30 August 2021.
This deal is in line with the company's strategy to pursue the divestment path for all non-core assets in its portfolio.
The company has already identified its non-core assets in Nabha Power, a two x 700 MW supercritical thermal power plant at Rajpura, Punjab.
The L&T Infrastructure Development Projects (L&T IDPL), the company’s subsidiary, is 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.
It will work out the divestment process of all these assets over a period of time.