NTPC Ltd and Maharashtra State Power Generation Company Ltd (Mahagenco) have signed a shareholder agreement to jointly acquire the Sinnar Thermal Power Plant in Nashik district, Maharashtra, formalising their plan to take over the coal-based asset through the corporate insolvency resolution process. The agreement was executed on January 9, 2026.

The Sinnar plant has a total installed capacity of 1,350 MW, comprising five units of 270 MW each. The acquisition value has been fixed at Rs 38.0 billion and will be paid in cash in line with the timeline specified under the approved resolution plan. The National Company Law Tribunal approved the plan on November 28, 2025, and the transaction is expected to be completed by February 26, 2026, within 90 days of the approval.

Under the agreement, NTPC and Mahagenco will hold equal stakes of 50 per cent each in Sinnar Thermal Power Ltd upon completion of the takeover. Following the acquisition, the NTPC Group’s total installed capacity is projected to increase to about 86,987 MW, with commercial capacity of around 85,907 MW, further consolidating its position as India’s largest power producer.

The acquisition, cleared under the Insolvency and Bankruptcy Code, is aimed at reviving the financially stressed plant, which has remained non-operational for an extended period. The new ownership structure is expected to facilitate the restoration of generation capacity and improve operational efficiency.

The move also reflects broader efforts by state-owned power producers to consolidate assets and secure long-term generation capacity to meet rising electricity demand.