Larsen & Toubro (L&T) has completed the sale of its entire stake in L&T Uttaranchal Hydropower to ReNew Power Services after the completion of customary conditions precedent, agreed under the Securities Purchase Agreement as on 11 August 2021.
L&T Uttaranchal Hydropower owns the Singoli Bhatwari Hydroelectric Project (SBHEP).Earlier this month, L&T announced the divestment of 100% stake in the 3x33 MW (99 MW) run of the river hydroelectric power plant owned by its subsidiary L&T Uttaranchal Hydropower to Renew Power Services. The EPC major said that the divestment is in line with the declared focus of divesting non-core assets and improving shareholder value. The sale consideration amount is Rs 985 crore.
The engineering and construction major's consolidated net profit soared 141.2% to Rs 1,556.18 crore on a 38% jump in revenue from operations to Rs 29,334.73 crore in Q1 June 2021 over Q1 June 2020.
L&T is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 30 countries worldwide.
Shares of L&T gained lost 0.41% to Rs 1,653 on BSE.
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