16 Sep 2021
Larsen and Toubro (L&T) said it has concluded the divestment of its 100 per cent stake in the 99 megawatt (MW) hydroelectric power plant at Singoli-Bhatwari in Uttarakhand.
The company received a consideration of Rs 1,001 crore as divestment proceeds from Renew Power on 30 August 2021, according to the official press release.
It added that the deal was in line with the company’s strategy to pursue the divestment path for all non-core assets in its portfolio.“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, our subsidiary engaged in road projects and power transmission lines and Hyderabad Metro,” said D K Sen, whole-time director and senior executive vice-president (development projects), L&T. He added that the company would work out the divestment process of all these assets over a period of time.
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