Larsen & Toubro, an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services, has decided to divest Hyderabad Metro, the largest Public-Private Partnership (PPP) project in the Metro rail sector.
“We have already identified our non-core assets in Nabha Power, a 2×700 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. We will work out the divestment process of all these assets over a period of time,” D K Sen, Whole-time Director and Senior Executive Vice President (Development Projects), L&T, said.
Recently, L&T concluded the divestment process of its 100 per cent 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 Rs 1,001.50 crores as divestment proceeds from Renew Power on August 30th 2021.
The above deal aligns with the company’s strategy to pursue the divestment path for all non-core assets in its portfolio.