L&T Power sells Nabha Power Plant to Torrent Power for ₹6,889 Crore.
Torrent Power.
Mumbai, India – Larsen & Toubro Power Development Limited (L&T Power) has agreed to divest its 1,400 MW thermal power asset located in Rajpura, Punjab, for a total enterprise value of ₹6,889 crore to Torrent Power Limited. The transaction involves the sale of 100% equity and convertible instruments of Nabha Power by L&T Power to Torrent Power, subject to regulatory approvals.
Avirup Nag, Saraf and Partners.
The Saraf and Partners team advised L&T Power on the deal, focusing on the structuring, documentation, and execution of the securities purchase agreement. The transaction was led by Avirup Nag, Partner, and Ankit Sahoo, Partner Designate, along with other associates.
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On the other side, Khaitan & Co. provided legal advice to Torrent Power, with a team led by Dibyanshu, Partner, and supported by Raja Kishore, Principal Associate, and Sathyajith Nair, Principal Associate. The regulatory diligence was handled by Divya Chaturvedi, Partner, and Saransh Shaw, Counsel, among others.
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Nabha Power Limited.
The Nabha Power Plant, regarded as one of the most efficient supercritical coal-based thermal power plants in the region, supplies power under a long-term Power Purchase Agreement (PPA) with Punjab State Power Corporation Limited.
The acquisition marks Torrent Power’s strategic entry into the growing northern India power market, increasing its operational capacity from 5 GW to 6.4 GW.
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This divestment deal represents a significant step for both companies, with Torrent Power expanding its portfolio and securing a reliable source of baseload power, and L&T Power optimizing its asset base for future growth.
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