Torrent Power has announced it will acquire Larsen & Toubro’s (L&T) coal-fired power plant operator, Nabha Power, in a deal valued at 68.89 billion rupees ($759 million), according to Reuters. The acquisition marks one of the largest energy transactions so far this year in India’s thermal power sector.
The agreement will see L&T receive 36.61 billion rupees for the sale of its Nabha Power unit, which operates a 1,400 MW coal-fired plant in Punjab’s Nabha district. The facility supplies all of its output to the Punjab State Power Corporation under a 25‑year power purchase agreement.
With the acquisition, Torrent Power’s total operational capacity will rise to about 6.4 GW from its current 5 GW. Chairman Samir Mehta said the move will strengthen Torrent’s presence in the high-demand northern Indian power market and support its broader strategy to expand its thermal generation portfolio.
The Ahmedabad-based company has been actively growing its conventional power base alongside renewable capacity to meet India’s steeply rising electricity demand. In 2025, Torrent announced a $2.5 billion thermal project in central India and outlined plans to add up to 7 GW of new capacity over the next decade.
Industry analysts view the deal as part of a wider trend among Indian utilities bolstering coal-based capacity to address short-term supply constraints while renewable output scales up.
