Larsen & Toubro (L&T) is an Indian multinational engaged in technology, engineering, construction, 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 a consideration of 10,015 million as divestment proceeds from Renew Power on Aug. 30, 2021. This deal is in line with the company's strategy to pursue the divestment path for all non-core assets in its portfolio.

D K Sen, Whole-time Director and Sr. 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 (L&T IDPL), 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."

Shares of the company gained Rs 4.65, or 0.28%, to trade at  Rs 1,664.50.  The total volume of shares traded  was 191,570 at the BSE (10.38 a.m., Tuesday).