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L&T completes sale of 99 MW Hydro Power Plant for Rs 1K cr

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Larsen-&-Toubro

Larsen & Toubro has concluded the divestment 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 crore as divestment proceeds from Renew Power on August 30, 2021, said a regulatory filing.

This deal is in line with the company’s strategy to pursue the divestment path for all non-core assets in its portfolio, it said.

D.K. Sen, Whole-time Director & Sr Executive Vice President (Development Projects), L&T, said: “We have already identified our non-core assets in Nabha Power, a 2×700 MW supercritical thermal power plant at Rajpura, Punjab, LEtT Infrastructure Development Projects Ltd (LEtT 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,” he said.

At 11.30 a.m., L&T shares on the BSE were trading at Rs 1,663.70, higher by Rs 3.85 or 0.23 per cent from its previous close.

Business

US tariffs to now take effect from August 1 as trade talks intensify

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New Delhi/Washington, July 7: US President Donald Trump’s country-specific tariffs are now scheduled to take effect from August 1, offering a temporary reprieve as trade talks intensified with several countries, including India.

Earlier, the US tariffs were set to take effect from July 9.

Commerce Secretary Howard Lutnick announced the tariff reprieve on Sunday (US time) while speaking to the media. He noted that President Trump was “setting the rates and the deals right now”.

Trump told reporters that “I think we’ll have most countries wrapped up by July 9, either through letters or finalised agreements”, adding that notification letters warning of upcoming tariff hikes would begin going out from Monday (US time), with more expected to follow on Tuesday.

Trump said that sending notices would be much easier than “sitting down and working 15 different things…this is what you have to pay, if you want to do business with the United States.”

In April, Trump announced a base tariff of 10 per cent on most of America’s trading partners and thereafter additional duties ranging up to 50 per cent.

The US has announced trade deals with the United Kingdom and Vietnam so far, with some more trade deals apparently in the pipeline.

“President Trump’s going to be sending letters to some of our trading partners saying that if you don’t move things along, then on August 1 you will boomerang back to your April 2 tariff level. So I think we’re going to see a lot of deals very quickly,” US Treasury Secretary Scott Bessent told CNN.

India’s high-level official delegation led by chief negotiator Rajesh Agrawal has returned from Washington after the trade talks with US officials without reaching a final agreement on the sensitive issue of trade in agricultural and dairy products that the US is pushing for.

Meanwhile, Trump has announced that an additional 10 per cent tariff will be imposed on countries that “align themselves with the anti-American policies of BRICS”.

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National

‘Rudali is not voice of Maharashtra, Marathi people’, Uddhav Thackeray’s ‘Saamana’ attacks CM Fadnavis

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Mumbai, July 7: Shiv Sena(UBT) on Monday criticised Chief Minister Devendra Fadnavis’ terming party chief Uddhav Thackeray’s speech ‘Rudali (professional mourner)’ in the joint ‘victory rally’ held with Maharashtra Navnirman Sena founder Raj Thackeray.

The rally was held on Saturday here to celebrate what they claim was a victory after the CM revoked two Government Resolutions that had introduced Hindi as a third language in primary schools in the state.

In a blistering attack, the Thackeray camp in the party’s mouthpiece ‘Saamana’ editorial said if CM Devendra Fadnavis thinks that a massive gathering of Marathi people in Mumbai is ‘Rudaali’, then he should continue his ‘Rudaali’. “Fadnavis’ ‘Rudaali’ is not the voice of Maharashtra and Marathi people,” it said.

“There is a type of ‘Rudaali’ in Rajasthan, Haryana, Bundelkhand, Madhya Pradesh, etc. If there is a tragic event like death in someone’s house, women are invited there (to the rich people’s houses) on rent, that is, to cry, beat their chests and wail. They take cash, cry and leave. It is not a tragedy of the state that Fadnavis should compare the Marathi identity that celebrates the ‘Marathi’ victory to women who take money and cry at the time of death,” read the editorial.

The editorial further said, “Fadnavis and his party have huge wealth. This is loot. Therefore, they can afford to hire people to cry, laugh, and applaud Modi’s meetings. A truly self-respecting Marathi man does not get involved in selling his self-respect but he loves the Marathi language, Marathi literature, Marathi history and the masculine element in it.”

The editorial in detail explained the tradition of Maharashtra. “It is associated with poet Govind, who bared his talent against British slavery, with Lokmanya Tilak who wrote hard-hitting editorials against British Rule in Kesari newspaper, poet Vinayak, Swatantryaveer Savarkar, Shivram Mahadev Paranjpe, Kakasaheb Khadilkar, Annabhau Sathe, Shahir Amarshekh, Acharya Atre, and Balasaheb Thackeray, who wounded the enemies of Maharashtra through cartoons and founded the ‘Shiv Sena’ to fight the injustices against the Marathi people,” said the Saamana.

“Since the BJP and its aides do not fit anywhere in this tradition, they are belittling the masculinity of Maharashtra as ‘Rudaali’. Narendra Modi’s ‘Rudaali’ has been going on in the country for the last ten years. Even after coming to power, there will be no other ‘Rudaali’ except targeting Pandit Nehru and Gandhi to cover up their own failures,” claimed the Thackeray camp.

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National

Police in Srinagar attach property worth Rs 1.5 crore under UAPA

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Srinagar, July 5: Continuing its drive against terrorism, Jammu and Kashmir (J&K) Police in Srinagar district on Saturday attached property worth Rs 1.5 crore under the Unlawful Activities Prevention Act (UAPA).

A police statement said on Saturday, “In a decisive move against the terror ecosystem and to dismantle its supporting infrastructure, Srinagar Police has attached a residential property — comprising 8 marlas and 202 sq. ft. of land along with the building structure— estimated to be worth approximately Rs 1.5 crore.

“The property, located at Mir Masjid Mohalla, Shallabagh Khanyar, and falling under Survey Nos. 3674/1147 and 3677/1148, is recorded in the name of Mohammad Yousuf Shah son of Hafiz Waliuallah Shah.”

The police statement added, “It is currently in the possession of Masood Hussain Shah son of Mohammad Yousuf Shah. The attachment has been carried out under the relevant provisions of the Unlawful Activities (Prevention) Act (UAPA) in connection with FIR No. 48/2024 under Sections 109 of the Bharatiya Nyaya Sanhita (BNS), 7/27 of the Indian Arms Act, and Sections 16, 18, 19, 20, and 39 of the UAP Act, registered at Police Station Khanyar.

“Investigations have established that the property was acquired through illegal proceeds linked to terrorist activities. Acting under Section 25 of the UAP Act, the immovable property has been formally seized and attached following due legal procedure.

“Through this attachment notice, the owner is prohibited from selling, leasing, or transferring the said property in any manner. This action is part of the sustained campaign of Srinagar Police to dismantle the terror ecosystem in a systematic manner.

“By targeting and crippling the financial networks of terrorist organisations, Jammu & Kashmir Police aims to curb acts detrimental to the security and integrity of the nation. Srinagar Police reiterates its unwavering commitment to eradicating terrorism and safeguarding public peace.”

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