Torrent Power Acquires Nabha Power for Rs 3661 Crore
Filing Summary
Torrent Power Limited has executed a Securities Purchase Agreement to acquire a 100% equity stake and convertible instruments of Nabha Power Limited from L&T Power Development Limited. The acquisition, valued at Rs 3661 crore, is subject to customary closing adjustments. Nabha Power operates a 2×700 MW coal-based thermal power plant in Punjab. The acquisition requires approval from the Competition Commission of India and is expected to be completed by June 30, 2026. This move will expand Torrent Power’s thermal generation portfolio and extend its presence in Northern India.
Torrent Power Limited has entered into a Securities Purchase Agreement to acquire a 100% equity stake and convertible instruments of Nabha Power Limited from L&T Power Development Limited. The agreement was executed on February 16, 2026. The acquisition involves an aggregate consideration of Rs 3661 crore, subject to customary closing adjustments. This transaction is in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The financial terms of the acquisition include a cash consideration of Rs 3661 crore. This amount is subject to closing adjustments as per the agreement. The acquisition will be financed entirely in cash, with no share swap involved. The acquisition encompasses 100% of the equity stake and convertible instruments of Nabha Power Limited, thereby granting Torrent Power complete control over the entity.
Nabha Power Limited owns and operates a 2×700 MW coal-based supercritical thermal power plant located in Village Nalash, Rajpura, Punjab. The plant’s entire power output is sold to Punjab State Power Corporation Limited under a 25-year Power Purchase Agreement. Nabha Power’s turnover for the fiscal year 2025 was Rs 4422 crore. The acquisition will enable Torrent Power to expand its current thermal generation portfolio and extend its operational presence in Northern India.
The acquisition is subject to approval from the Competition Commission of India (CCI). The transaction is expected to be completed on or before June 30, 2026, pending the fulfillment of customary closing conditions, including the receipt of CCI approval. The acquisition does not fall within related party transactions, and there is no interest from the promoter or promoter group in the entity being acquired.
Torrent Power Limited is an integrated power company involved in power generation, transmission, and distribution. The company focuses on expanding its thermal generation capabilities and increasing its geographical footprint in India. This acquisition aligns with Torrent Power’s strategic objective to strengthen its position in the power sector and enhance its operational capabilities.