Business News | L&T Concludes Divestment of 99 MW Hydro Power Plant with Renew Power
Get latest articles and stories on Business at LatestLY. Larsen & Toubro has concluded the divestment of its 100 per cent stake in 99 megawatt hydroelectric power plant at Singoli-Bhatwari in Uttarakhand.
Mumbai (Maharashtra) [India], August 31 (ANI): Larsen & Toubro has concluded the divestment of its 100 per cent stake in 99 megawatt 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.
"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 in a statement on Tuesday.
D K Sen, Wholetime Director and Senior Executive Vice-President for development projects, said the company has identified non-core assets in Nabha Power, a 2x700 MW supercritical thermal power plant at Rajpura in Punjab for disinvestment.
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L&T Infrastructure Development Projects Ltd -- a subsidiary engaged in road projects and power transmission lines -- and Hyderabad Metro -- the largest public-private partnership project in the Metro rail sector -- have also been identified fordivestment.
"We will work out the divestment process of all these assets over a period of time," he said. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)