Torrent Power Limited has entered into a definitive agreement to acquire 100% of the equity stake and convertible instruments in Nabha Power Limited from L&T Power Development Limited, a wholly owned subsidiary of Larsen & Toubro Limited, at an enterprise value of ₹6,889 crore. The transaction is subject to customary regulatory approvals and standard closing conditions.
Nabha Power Limited operates a fully contracted supercritical thermal power plant built on advanced Japanese technology. The asset has consistently maintained sustained availability levels above 90%, reflecting strong operational efficiency. In FY2025, the company reported revenue of ₹4,866 crore and Adjusted EBITDA of ₹1,153 crore, underlining the stability of its contracted cash flows and robust earnings profile.
The plant is strategically located in a power-deficit region, providing strong demand visibility and the potential for additional ancillary revenue streams. Existing infrastructure at the site also supports seamless capacity expansion, offering long-term growth optionality. The asset’s decade-long operational track record and technical capabilities are expected to complement Torrent Power’s existing generation portfolio.
Upon completion of the acquisition, Torrent Power’s total operational capacity will increase from approximately 5 GW to 6.4 GW. The transaction is positioned to enhance scale, improve portfolio stability, and strengthen the company’s greenfield thermal development strategy. By integrating Nabha Power’s institutional expertise and operational strengths, Torrent Power aims to unlock synergies that support sustainable growth in India’s evolving power sector landscape.