L&T sells Singoli-Bhatwari hydro project to Renew Power for Rs 985 cr
Larsen & Toubro on Wednesday announced divestment of 100 per cent stake in 99 megawatt run-of-the-river hydroelectric power plant owned by its subsidiary L & T Uttaranchal Hydropower Ltd (LTUHPL) to Renew Power Services Pvt Ltd.
This is in line with the declared L & T focus of divesting non-core assets and improving shareholder value. The transaction is subject to completion of customary closing conditions and closing is expected to take place before September 30.
The sale consideration is Rs 985 crore, L & T said in a statement.
“This development is a significant step in our effort to unlock the value of some of our power development assets to streamline and allocate capital to create long-term value for our shareholders,” said Whole-time Director D K Sen.
