ReNew to acquire a hydroelectric unit from Larsen & Toubro for ₹9.85bn

ReNew Power, a renewable energy independent power producer, agreed to acquire a Singoli-Bhatwari Hydroelectric Project from Larsen & Toubro, an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services for ₹9.85bn ($132m).The transaction is subject to completion of customary closing conditions and closing is expected to take place before September 30, 2021. “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. It represents our strategic effort to increase focus on our core strengths and exit others to move towards becoming a more asset-light organization,” D. K. Sen, Larsen & Toubro Director.