Saraf and Partners along with Khaitan & Co advised on L&T Power’s sale of its Nabha Power Plant to Torrent Power for INR 6889 crore.
Nabha Power owns and operates a 1,400 MW supercritical coal-based thermal power plant in Punjab, comprising two 700 MW units. The plant operates under a long-term power purchase agreement with Punjab State Power Corporation Ltd.
The transaction is subject to customary regulatory approvals.
The divestment aligns with L&T’s strategic objective of unlocking value and strengthening focus on its core businesses. For Torrent Power, the acquisition will increase its operational capacity from approximately 5 GW to 6.4 GW, marking its strategic entry into the northern India power market and expanding its thermal generation portfolio.
Saraf and Partners advised L&T Power on the divestment.
The transaction team was led by Partner Avirup Nag and Partner Designate Ankit Sahoo, along with Senior Associate Asima Ghosh and Associates Ashwini Panwar and Paritosh Bisen.
Khaitan & Co advised Torrent Power on the acquisition, including the execution of definitive documents and regulatory, due diligence and competition law aspects.
The deal team was led by Dibyanshu Sinha, along with Raja Kishore and Sathyajith Nair, with assistance from Prateek Bhandari (due diligence), Divya Chaturvedi and Saransh Shaw (regulatory diligence), and Pranjal Prateek and Soham Banerjee (competition law).
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