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MUMBAI : Larsen & Toubro Ltd (L&T) on Tuesday said it has concluded the divestment of its 100% 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 Rs1,001.5 crore as divestment proceeds from Renew Power on 30 August, the company said in a statement. The deal is in line with the company's strategy to pursue divestment for all non-core assets in its portfolio, the statement added.

DK 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 2x700 MW supercritical thermal power plant at Rajpura, Punjab, L&T Infrastructure Development Projects Ltd, 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."

"Given that the asset is already operational, the acquisition is not only value accretive for us but also presents a lower level of risk. It strengthens our ability to provide firm and round the clock power to the grid and compliments our solar and wind assets, filling up an important position in our portfolio. We will be looking to acquire more hydro assets in future as they are the best clean balancing sources for intermittent renewable energy," Sumant Sinha, founder, chairman, and chief executive of ReNew Power, had said earlier this month when the deal was announced.

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