AHMEDABAD, February 16, 2026
Torrent Power Limited announced it has entered into a definitive agreement to acquire 100% equity stake in Nabha Power Limited (NPL) from L&T Power Development Limited at an enterprise value of Rs 6,889 crore.
The transaction remains subject to necessary regulatory approvals and customary closing conditions. Nabha Power Limited, a wholly-owned subsidiary of L&T Power Development—which itself is a subsidiary of infrastructure giant Larsen & Toubro—operates a 1,400 MW (2×700 MW) supercritical coal-based thermal power plant in Rajpura, Patiala district, Punjab.
Upon completion, Torrent Power’s total operational capacity will increase from 5 GW to 6.4 GW. The plant, commissioned in 2014, operates under a 25-year power purchase agreement and has long-term fuel supply agreements with SECL and NCL, along with arrangements for alternative coal procurement.
In FY 2024-25, Nabha Power recorded revenue of Rs 4,866 crore, adjusted EBITDA of Rs 1,153 crore, and a plant availability factor of 95.36 percent.
Samir Mehta, Chairman of Torrent Group, stated that the acquisition adds a well-established operating asset to the portfolio, backed by fully contracted cash flows and a strong operational track record. He added that it will contribute significantly to revenue and profits from day one.
S.N. Subrahmanyan, Chairman and Managing Director of L&T, said the sale aligns with the company’s strategy to strengthen core businesses and unlock value, creating long-term benefits for stakeholders.
Torrent Power, a key company of the approximately Rs 45,000 crore Torrent Group, is one of India’s leading integrated power utilities with presence across generation, transmission, and distribution.
