NEW DELHI, Feb. 17 -- Torrent Power Ltd has entered into a definitive agreement with L&T Power Development Ltd (L&TPDL), a wholly owned subsidiary of Larsen & Toubro (L&T), to acquire a 100% equity stake and convertible instruments in Nabha Power Ltd (NPL) for an enterprise value of Rs.6,889 crore. NPL is a wholly owned subsidiary of L&TPDL, and the transaction is subject to regulatory approvals and customary closing conditions, Gujarat-based Torrent Power said in a statement on Monday. NPL is a fully contracted thermal power asset that reported revenue of Rs.4,866 crore in FY25. The company operates a 1,400 MW (2x700 MW) supercritical coal-fired power plant at Rajpura in Punjab's Patiala district. "The supercritical plant, built on advanced Japanese technology, maintains sustained availability levels above 90%. Strategically located in a power-deficit region, the plant also supports potential ancillary revenue streams. Furthermore, existing infrastructure allows for seamless expansion of capacity, supporting future growth opportunities," the statement said. Upon completion, Torrent Power's operational capacity will increase from 5 GW to 6.4 GW. "In addition, Torrent will gain NPL's institutional expertise and decade-long technical capabilities, developed through exceptional implementation and operational excellence. This acquisition creates valuable synergies that will strengthen Torrent's greenfield thermal power development strategy," the company added. EY acted as the exclusive M&A advisor to L&T on the transaction. "The acquisition marks Torrent's entry into the high-growth power market of northern India.The acquisition will be value accretive from day one, delivering a meaningful uplift in the overall revenues and profitability," said Samir Mehta, chairman, Torrent Power. S.N. Subrahmanyan, chairman and managing director of L&T, said the divestment aligns with the group's strategy of unlocking value to strengthen its core businesses. "This move positions us to create long term value for all our stakeholders - business partners, shareholders and employees."...