Khaitan & Co advised Torrent Power Limited on acquisition of Nabha Power Limited
The leading law firm in India, Khaitan & Co acted as legal counsel to Torrent Power Limited (Torrent) in connection with the execution of definitive documents for the acquisition of 100% of the equity stake and convertible instruments of Nabha Power Limited (NPL) from L&T Power Development Limited, a wholly owned subsidiary of Larsen & Toubro Limited, for an enterprise value of INR 6,889 crore.
NPL owns and operates a 1,400 MW (2×700 MW) supercritical coal-based thermal power plant at Rajpura, Punjab, supplying power under a long-term power purchase agreement 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, enables integration of NPL’s institutional expertise and decade-long technical capabilities, and creates synergies aligned with Torrent’s long-term thermal development strategy.
The Khaitan & Co core transaction team comprised Dibyanshu (Partner), Raja Kishore (Principal Associate) and Sathyajith Nair (Principal Associate).
The core diligence team included Prateek Bhandari (Counsel), Srijita Jha (Principal Associate), Ashish Jain (Senior Associate) and Abhishek Sharma (Associate).
Regulatory diligence was led by Divya Chaturvedi (Partner), supported by Saransh Shaw (Counsel) and Jai Dhanani (Senior Associate).
Competition law aspects were handled by Pranjal Prateek (Partner), Soham Banerjee (Counsel), Toshika Soni (Associate) and Aujaswi Maken (Associate)
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