Torrent Power on Thursday said that it has completed the acquisition of 100 per cent equity stake in Nabha Power Ltd (NPL) from L&T Power Development Ltd for Rs 3,632.35 crore.
Earlier this year, the company informed the bourses regarding the execution of a Securities Purchase Agreement to acquire 100 per cent of the equity stake and convertible instruments of NPL and receipt of approval from the Competition Commission of India for the said acquisition.
According to a regulatory filing, the company has completed the acquisition of 100 per cent equity shares and convertible instruments of NPL from L&T Power Development Ltd (L&T) at a total consideration of Rs 3,632.35 crore, consequent to closing adjustments.
Torrent Power is engaged in the business of power generation, transmission, distribution and manufacturing and supply of power transmission cables, and is a part of ‘Torrent Group,’ which is into power, pharmaceuticals and gas distribution sectors.
Nabha Power Ltd is a wholly-owned subsidiary of L&T Power Development Ltd (L&TPDL), and has been operating a 2×700 Megawatt supercritical thermal power plant at Rajpura, Punjab, since 2014.
L&TPDL is a wholly-owned subsidiary of infrastructure major Larsen & Toubro.
After the completion of the acquisition, Torrent’s operational capacity has increased from 5 GW to 6.4 GW.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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