Companies

L&T gets ₹1,000 cr from hydro power project sale

Our Bureau Mumbai August 31 | Updated on August 31, 2021

Deal in line with company’s strategy to pursue divestment of non-core assets in its portfolio

L&T has concluded the sale of its entire stake in the 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 ₹1,001 crore as divestment proceeds from Renew Power on Monday.

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The deal is in line with the company’s strategy to pursue the divestment path for all non-core assets in its portfolio.

Why L&T stock is a good investment

DK Sen, Whole-time Director, L&T, said the company has already identified non-core assets in Nabha Power, a 2x700 MW supercritical thermal power plant at Rajpura, Punjab, L&T Infrastructure Development Projects (subsidiary primarily engaged in road projects and power transmission lines) and Hyderabad Metro, the largest public-private partnership project in the Metro rail sector, for divestment.

Published on August 31, 2021

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