L&T concluded the divestment of its 100% stake in the 3 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 crores as divestment proceeds from Renew Power on August 30th 2021. This deal is in line with the company’s strategy to pursue the divestment path for all non-core assets in its portfolio.
D K Sen, Whole-time Director & 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.”
