Team News Riveting
Mumbai August 31
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.
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 30th 2021. The 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 and Senior 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, 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.”
Larsen and Toubro (L&T) is an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services. It operates in over 50 countries worldwide. A strong, customer-focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.
