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

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 fordivestment.

"We will work out the divestment process of all these assets over a period of time," he said.

( With inputs from ANI )

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