The Competition Commission of India has approved the proposed acquisition of 100% equity shares and non-cumulative optionally convertible redeemable preference shares of Nabha Power Limited by Torrent Power Limited. The approval marks a key regulatory milestone for the transaction, which is set to strengthen Torrent Power’s presence in India’s power generation sector.
Transaction Details
Torrent Power is buying all of Nabha Power Limited’s shares from L&T Power Development Limited on a fully diluted basis. L&T Power Development owns all of Nabha Power’s shares.
The deal follows an agreement signed on February 16, 2026, with an enterprise value of ₹6,889 crore. The transaction includes consideration of ₹3,660.87 crore for equity and convertible instruments and is expected to be completed by June 30, 2026.
Asset and Operational Profile
Nabha Power operates a 2×700 MW supercritical thermal power plant located in Rajpura, Punjab. The facility has been operational since 2014 and is a significant contributor to the region’s power supply.
Torrent Power is a publicly traded company that is part of the Torrent Group. It has a wide range of businesses, including making and supplying power cables, generating power, transmitting power, and distributing power. The group is also involved in the pharmaceutical and gas distribution businesses.
Strategic Expansion into Northern India
After the deal is done, Torrent Power will have a strong presence in the power market in northern India. Adding Nabha Power’s capacity is expected to raise the company’s total operational generation capacity from about 5 GW to 6.4 GW.
The move aligns with Torrent Power’s strategy to expand its generation portfolio and strengthen its position across key regional markets.
Industry Significance
The approval by CCI clears a major regulatory hurdle, paving the way for the transaction’s closure within the expected timeline. The acquisition reflects ongoing consolidation in India’s power sector, where established players are seeking to scale operations and optimise asset portfolios.
With this acquisition, Torrent Power is set to enhance its generation capabilities while expanding its geographic footprint, reinforcing its role in meeting the country’s growing electricity demand.
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