L&T concludes divestment of 99 MW hydro power plant with Renew Power

Mumbai (Maharashtra) [India], August 31 : Larsen & Toubro has concluded the divestment of its 100 per cent stake in 99 megawatt 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.
"This deal is in line with the company's strategy to pursue the divestment path for all non-core assets in its portfolio," it said in a statement on Tuesday.
D K Sen, Wholetime Director and Senior Executive Vice-President for development projects, said the company has identified non-core assets in Nabha Power, a 2x700 MW supercritical thermal power plant at Rajpura in Punjab for disinvestment.
L&T Infrastructure Development Projects Ltd -- a subsidiary engaged in road projects and power transmission lines -- and Hyderabad Metro -- the largest public-private partnership project in the Metro rail sector -- have also been identified for
divestment.
"We will work out the divestment process of all these assets over a period of time," he said.