Firm Matters
BackKhaitan & Co advised Torrent Power Ltd (Torrent) on execution of definitive documents for the acquisition of 100% of the equity stake and convertible instruments of Nabha Power Ltd (NPL) from L&T Power Development Limited, a wholly owned subsidiary of Larsen & Toubro Limited, for an enterprise value of INR 6,889 crores.
NPL 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 Ltd. 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, enables integration of NPL’s institutional expertise and decade-long technical capabilities, and creates synergies aligned with Torrent’s long-term thermal development strategy.
Deal Team
The core team consisted of Dibyanshu (Partner), Raja Kishore (Principal Associate) and Sathyajith Nair (Principal Associate)
The deal was assisted by:
Projects & Project Finance: Prateek Bhandari (Counsel), Ashish Jain (Senior Associate), Abhishek Sharma (Associate)
Energy, Infrastructure and Resources: Srijita Jha (Principal Associate)
Dispute Resolution: Divya Chaturvedi (Partner), Saransh Shaw (Counsel and Jai Dhanani (Senior Associate)
Competition / Antitrust: Pranjal Prateek (Partner) Competition / Antitrust, Soham Banerjee (Counsel), Toshika Soni (Associate) and Aujaswi Maken (Associate)
