L&T sells entire stake in 99 MW hydroelectric power plant in Uttarakhand

L&T sells entire stake in 99 MW hydroelectric power plant in Uttarakhand

New Delhi, Aug 31 (PTI) Larsen & Toubro (L&T) on Tuesday said it has sold its entire stake in 99 MW hydroelectric power plant at Singoli-Bhatwari in Uttarakhand to Renew Power Services Pvt Ltd.

L&T got Rs 1,001.50 crore from this disinvestment. The process of stake sale is completed after the fulfillment of the conditions under the Securities Purchase Agreement (SAP).

“L&T has divested its 100% stake in 3×33 MW (total 99 MW) hydroelectric power plant at Singoli-Bhatwari, Uttarakhand,” a company statement said.

As per the terms of the EPC project, L&T received Rs 1,001.50 crore as disinvestment proceeds from Renew Power on August 30, 2021.

The company said it is disinvesting all non-core assets in its portfolio and the deal is in line with this strategy.

L&T Whole Time Director and Senior Executive Vice President (Development Projects) DK Sen said the company has already identified Nabha Power, L&T Infrastructure Development Projects, its subsidiaries and Hyderabad Metro for disinvestment.

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