Larsen & Toubro (L&T) on Tuesday said it has concluded the divestment of its entire stake in 99 MW hydro power plant at Singoli-Bhatwari in Uttarakhand to ReNew Power Services Private Limited.
L&T received a consideration of Rs 1,001.50 crore as divestment proceeds.
The stake sale was completed following the completion of customary conditions precedent agreed under the Securities Purchase Agreement dated August 11, 2021.
"L&T concluded the divestment of its 100 per cent stake in the 3 x 33 MW (99 MW) hydroelectric power plant at Singoli-Bhatwari in Uttarakhand," a company statement said.
As per the terms of the EPC Project, the hi-tech manufacturing and services conglomerate received a consideration of Rs 1,001.50 crore as divestment proceeds from Renew Power on August 30, 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 the company has already identified its non-core assets in Nabha Power, a 2x700 MW supercritical thermal power plant at Rajpura, Punjab, L&T Infrastructure Development Projects Ltd, its subsidiary primarily engaged in road projects and power transmission lines and Hyderabad Metro, the largest Public-Private Partnership project in the Metro rail sector, for divestment.
"We will work out the divestment process of all these assets over a period of time," Sen said.
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