Torrent Power to Acquire Nabha Power for INR36.6 Billion

MT Newswires Live

02/16

Torrent Power (NSE:TORNTPOWER, BOM:532779) has agreed to acquire a 100% stake in power generation company Nabha Power from L&T Power Development for 36.6 billion Indian rupees, according to a Monday filing to the Indian stock exchanges.

Nabha Power owns and operates a 2x700 MW coal-based supercritical thermal power plant at Village Nalash of Rajpura in Punjab, India. It sells the entire power generated from its plant to the Punjab State Power Corporation Limited under a 25-year power purchase agreement.

The acquisition is subject to approval from the Competition Commission of India and is expected to be completed by June 30.

The deal is expected to help the company expand its current thermal generation portfolio and will extend its presence in Northern India.

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