Torrent Power has entered into a definitive agreement with L&T Power Development (L&TPDL), a wholly owned subsidiary of Larsen & Toubro (L&T) to acquire 100% of equity stake and convertible instruments in Nabha Power (NPL) for an Enterprise Value of Rs 6,889 crore.

NPL is a wholly owned subsidiary of LTPDL, and the transaction is subject to requisite regulatory approvals and customary closing conditions. NPL owns and operates a 1,400 MW (2 X 700 MW) supercritical coal-fired thermal power plant at Rajpura in Patiala district, Punjab.

NPL is a fully contracted thermal power asset with revenue of Rs 4,866 crore and Adjusted EBITDA of Rs 1,153 crore in FY 2025. The supercritical plant, built on advanced Japanese technology, maintains sustained availability levels above 90%. Strategically located in a power-deficit region, the plant also supports potential ancillary revenue streams. Furthermore, existing infrastructure allows for seamless expansion of capacity, supporting future growth opportunities.

Upon completion of the acquisition, Torrent's operational capacity will increase from ~5 GW to 6.4 GW. In addition, Torrent will gain NPL's institutional expertise and decade-long technical capabilities, developed through exceptional implementation and operational excellence. This acquisition creates valuable synergies that will strengthen Torrent's greenfield thermal power development strategy.