Larsen & Toubro (L&T) has divested its 100% stake in the 99-MW Singoli-Bhatwari hydroelectric power plant in Uttarakhand to Renew Power.
As per the terms, the conglomerate of EPC Projects, Hi-Tech Manufacturing and Services received INR1,001.5 crores (US$137.2 million) as divestment proceeds 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, according to a release.
“We have already identified our non-core assets in Nabha Power, a 2 x 700 MW supercritical thermal power plant at Rajpura, Punjab, L&T Infrastructure Development Projects Ltd (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,” said Mr. D K Sen, whole-time director and senior executive vice president (development projects), L&T. “We will work out the divestment process of all these assets over a period of time.”
The run-of-river plant along the Char Dham route, about 25 km from Rudraprayag, was commissioned in 2020. The plant features a barrage, with a medium-sized intake pond near Ukhimath, a 12-km-long headrace tunnel and a surge shaft over 180 m in depth. The plant houses three 33-MW turbine-generator units supplied by Voith, equipped with a state-of-the-art switchyard and controlled via the latest supervisory control and data acquisition (SCADA) technology. The SCADA systems are designed to monitor and control the plant and its equipment — such as telecommunications, water and waste control — to take timely decisions and actions.
L&T is an Indian multinational engaged in EPC projects, high-tech manufacturing and services. It operates in over 50 countries worldwide.