L&T Arm to Sell Nabha Power to Torrent Power in Rs 36.61 bn Deal

19 Feb 2026 CW Team

Larsen and Toubro (L&T) arm has agreed to sell Nabha Power to Torrent Power in a transaction valued at Rs 36.61 bn. The deal covers the equity interests in the thermal power plant business and related operational assets. The parties have framed the terms to transfer ownership subject to customary conditions. The announcement detailed that the consideration reflects negotiated commercial terms between the buyer and seller and aligns with prevailing market conditions.\n\nL&T will use the proceeds to streamline its portfolio and concentrate on its engineering and construction operations, as stated in the release. Torrent Power will expand its generation capacity and integrate the acquired operations with its existing network. The firms characterised the sale as aligned with their strategic priorities. Management teams from both sides will coordinate operational transition plans to ensure continuity of supply and minimise disruption to stakeholders.\n\nThe transfer is expected to be subject to shareholder approvals, regulatory clearances and customary closing conditions in the energy sector. Financial considerations have been disclosed at headline value and will be reflected in financial statements on completion. The sale may alter capital allocation and debt metrics for the seller while supporting capacity growth for the acquirer. Analysts will observe the accounting treatment on completion and assess any implications for future investment and debt servicing capacity.\n\nThe transaction will require customary regulatory approvals and is likely to proceed through a staged closing process that addresses statutory and environmental compliances. Both companies will complete necessary filings with relevant authorities and monitor timelines for completion. The deal is expected to be concluded following receipt of all approvals and the satisfaction of conditions precedent. Shareholders will be updated as the process advances.

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