Larsen & Toubro Power Development Limited has divested its 1400 MW thermal power asset in Punjab, a supercritical coal based plant with twin 700 MW units (Nabha Power Plant), for the enterprise value of ₹6,889 crore to Torrent Power Limited.
The transaction involves sale of 100% equity and convertible instruments of Nabha Power by L&T Power to Torrent Power, subject to regulatory approvals.
Saraf and Partners advised L&T Power on this transaction. The Firm advised on structuring the transaction and drafting, reviewing, finalisation and execution of securities purchase agreement.
The transaction team was led by Avirup Nag (Partner) and Ankit Sahoo (Partner Designate) along with Asima Ghosh (Senior Associate), Associates Ashwini Panwar and Paritosh Bisen.
Khaitan & Co advised Torrent Power on this transaction.
The core team consisted of Dibyanshu (Partner), Raja Kishore (Principal Associate) and Sathyajith Nair (Principal Associate) with assistance on from the following:
Core Diligence Team: Prateek Bhandari (Counsel), Srijita Jha (Principal Associate), Ashish Jain (Senior Associate) and Abhishek Sharma (Associate);
Regulatory Diligence: Divya Chaturvedi (Partner), Saransh Shaw (Counsel) and Jai Dhanani (Senior Associate);
Competition Law Aspects: Pranjal Prateek (Partner), Soham Banerjee (Counsel), Toshika Soni (Associate) and Aujaswi Maken (Associate).
Nabha Power owns and operates a 1,400 MW (2x700 MW) supercritical coal-based thermal power plant at Rajpura, Punjab, supplying power under a long-term PPA with Punjab State Power Corporation Limited. The plant is regarded as a best-in-class asset and among the more efficient thermal generating stations in the region, delivering reliable baseload power with enhanced fuel efficiency and lower emissions intensity.
Upon completion, Torrent’s operational capacity will increase from approximately 5 GW to 6.4 GW. The acquisition strengthens Torrent’s generation portfolio, marks its strategic entry into the high-growth northern India power market.
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