L&T divests stake to ReNew Power

Larsen & Toubro (L&T) on Tuesday said it has concluded the divestment of its entire stake in 99 MW hydro power plant at Singoli-Bhatwari in Uttarakhand to ReNew Power Services Private Limited. L&T received a consideration of Rs 1,001.50 crore as divestment proceeds. The stake sale was completed following the completion of customary conditions precedent agreed under the Securities Purchase Agreement dated August 11, 2021. "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," a company statement said. As per the terms of the EPC Project, the hi-tech manufacturing and services conglomerate received a consideration of Rs 1,001.50 crore as divestment proceeds from Renew Power on August 30, 2021.