Larsen & Toubro on Wednesday announced the divestment of 100% stake in the 3 x 33 MW (99 MW) run of the river hydroelectric power plant owned by its subsidiary L&T Uttaranchal Hydropower Limited (LTUHPL) to Renew Power Services Private Limited, a wholly owned subsidiary of Renew Power Private Limited. 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 30th September 2021. Speaking about the acquisition, Sumant Sinha, Founder, Chairman, and CEO of ReNew Power, said, "Given that the asset is already operational, the acquisition is not only value accretive for us but also presents a lower level of risk. We will be looking to acquire more hydro assets in future as they are the best clean balancing sources for intermittent renewable energy.

Source: Mint August 11, 2021 06:00 UTC