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09 Apr 2026
Synopsis
The Competition Commission of India has approved Torrent Power's acquisition of Nabha Power Ltd. This deal involves Torrent Power acquiring 100 percent equity stakes in Nabha Power. The acquisition will increase Torrent's operational capacity significantly. Nabha Power operates a thermal power plant in Punjab. This approval marks a key step in the transaction.
New Delhi: Fair trade regulator Competition Commission of India has cleared Torrent Power's proposal to acquire 100 per cent stake in Nabha Power Ltd.
The move came after Torrent Power, in February 2026, said it entered into an agreement with L&T Power Development to acquire 100 per cent equity stakes in Nabha Power for an enterprise value of Rs 6,889 crore.
"The proposed combination entails the acquisition of 100 per cent equity shares and non-cumulative optionally convertible redeemable preference shares (on a fully diluted basis) in Nabha Power Ltd by Torrent Power Ltd from L&T Power Development Ltd," the regulator said in a release on Tuesday.
Torrent Power is engaged in the business of power generation, transmission, distribution and manufacturing and supply of power transmission cables, and is a part of 'Torrent Group,' which is into power, pharmaceuticals and gas distribution sectors.
Nabha Power Ltd is a wholly-owned subsidiary of L&T Power Development Ltd (L&TPDL), and has been operating a 2x700 Megawatt supercritical thermal power plant at Rajpura, Punjab, since 2014.
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L&TPDL is a wholly-owned subsidiary of infrastructure major Larsen & Toubro.
"CCI approves the proposed acquisition of 100 per cent equity shares and non-cumulative optionally convertible redeemable preference shares in Nabha Power Ltd. by Torrent Power Ltd," the regulator said in a post on X.
After the completion of the acquisition, Torrent's operational capacity will increase from 5 GW to 6.4 GW.
The supercritical power asset reported a revenue of Rs 4,866 crore and adjusted EBITDA of Rs 1,153 crore in FY25 and a plant availability factor of 95.36 per cent.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
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