L&T concludes the divestment deal for 99 MW hydro plant with Renew Power

L&T received a divestment consideration of INR 1,001 crore from Renew Power

On Tuesday, Larsen and Toubro (L&T), reported that the disinvestment of their 100 percent stake in a 99 megawatt (MW) hydropower facility at Singoli-Bhatwari in Uttarakhand had concluded.

A press release states that Renew Power paid the company INR 1,001 crore as divestment proceeds on 30 August 2021.

Company officials said the deal is consistent with its strategy to divest non-core assets from its portfolio.

Nabha Power, L&T Infrastructure Development Projects, a subsidiary engaged in road projects, power transmission lines, and Hyderabad Metro was identified as non-core assets, said D K Sen, whole-time director and senior executive vice-president (development projects), L&T.

He also mentioned that the company would work out the process for divesting all of these assets with time.

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