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 on August 30, 2021, said a regulatory filing.
Larsen & Toubro. (Photo: IANS)
Larsen & Toubro has concluded the divestment of its 100 percent 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 crore as divestment proceeds from Renew Power on August 30, 2021, said a regulatory filing.
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.
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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 2×700 MW supercritical thermal power plant at Rajpura, Punjab, LEtT Infrastructure Development Projects Ltd (LEtT 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,” he said.
At 11.30 a.m., L&T shares on the BSE were trading at Rs 1,663.70, higher by Rs 3.85 or 0.23 percent from their previous close.
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