L&T concludes the divestment of 99 MW Hydro Power Plant with ReNew Power

Larsen & Tourbo (L&T) concluded the divestment of its 100 per cent stake in 99 MW (3 x 33) of hydroelectric power plants at Singoli-Bhatwari in Uttarakhand. As per the terms of the agreement, the engineering, procurement and construction company (EPC) received an amount of Rs 10.015 billion as divestment proceeds from ReNew Power. The deal is in line with L&T’s strategy to pursue the divestment path for all non-core assets in its portfolio.

In addition, L&T has also identified its non-core assets in Nabha Power, a 2 x 700 MW supercritical thermal power plant at Rajpura, Punjab. L&T is an Indian multinational engaged in EPC projects, Hi-Tech manufacturing and services. It operates in over 50 countries worldwide.

ReNew Power has completed its merger with RMG Acquisition Corporation II (RMG II). The merger has allowed ReNew Power to gain access to the listing and trading of its shares on Nasdaq. Subsequently, the company’s shares began trading on Nasdaq on August 24, 2021.