L&T sells Uttaranchal Hydropower to Renew Power for Rs 985 cr

Larsen and Toubro sold its entire shareholding in L&T Uttaranchal Hydropower Limited to Renew Power for Rs 985 crore. Both the parties entered into the agreement on August 11.

“L&T Power Development Limited, a wholly owned subsidiary of L&T have entered into a Securities Purchase Agreement (Agreement) with Renew Power Services Private Limited, a 100 per cent subsidiary of Renew Power Private Limited to transfer their entire shareholding in L&T Uttaranchal Hydropower Limited on August 11, 2021. On completion of the sale under the Agreement, L&T Uttaranchal Hydropower Limited shall cease to be a subsidiary company of L&T,” a regulatory filing stated.

The sale is expected to be completed on or before September 30, subject to satisfaction of conditions under the agreement.

Renew Power Services Private Limited is a wholly owned subsidiary of Renew Power Private Limited. It was founded in 2011 with a a total committed capacity of 9.9 GW and operational capacity of 5.6 GW spread across nine states

L&T Uttaranchal Hydropower reported revenue of Rs 21.6 crore in FY21. Its net worth was Rs 843.6 crore on March 31.

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