Torrent Power has completed the ₹3,632.35 crore acquisition of Nabha Power Ltd from L&T Power Development
Nabha Power operates a 2x700 MW supercritical thermal plant in Rajpura, Punjab.
The deal lifts Torrent’s operational capacity from 5 GW to 6.4 GW, strengthening its position in India’s power sector.
Torrent Power Acquires Nabha Power for ₹3,632 Cr
the company has completed the acquisition of 100% equity shares and convertible instruments of NPL from L&T Power Development Ltd (L&T)
Torrent Power File Photo
Summary
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Torrent Power on Thursday said that it has completed the acquisition of 100% equity stake in Nabha Power Ltd (NPL) from L&T Power Development Ltd for ₹3,632.35 crore.
Earlier this year, the company informed the bourses regarding the execution of a Securities Purchase Agreement to acquire 100% of the equity stake and convertible instruments of NPL and receipt of approval from the Competition Commission of India for the said acquisition.
According to a regulatory filing, the company has completed the acquisition of 100% equity shares and convertible instruments of NPL from L&T Power Development Ltd (L&T) at a total consideration of ₹3,632.35 crore, consequent to closing adjustments.
Torrent Power is engaged in the business of power generation, transmission, distribution and manufacturing and supply of power transmission cables, and is a part of 'Torrent Group,' which is into power, pharmaceuticals and gas distribution sectors.
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Nabha Power Ltd is a wholly-owned subsidiary of L&T Power Development Ltd (L&TPDL), and has been operating a 2x700 Megawatt supercritical thermal power plant at Rajpura, Punjab, since 2014.
L&TPDL is a wholly-owned subsidiary of infrastructure major Larsen & Toubro.
After the completion of the acquisition, Torrent's operational capacity has increased from 5 GW to 6.4 GW.