On Wednesday, Larsen & Tourbo declared the divestment of 100% stake in the 3×33 MW (99MW) run of the river, owned by its subsidiary L&T Uttaranchal Hydropower Limited (LTUHPL) hydroelectric power plant. The divestment would be from LTUHPL to Renew Power Services Private Limited, an entirely owned subsidiary of Renew Power Private Limited.

The divestment is in line with the declared L&T focus of improving shareholder value and divesting non-core assets. The closing is expected before September 30. The sale considered is to be Rs.985 crore.

While describing the sale of asset, the Whole-time Director of L&T, D K Sen said, “This development is a significant step in our effort to unlock the value of some of our power development assets to streamline and allocate capital to create long term value for our shareholders.”