CCI Approves Torrent Power's Proposed 100% Acquisition Of Nabha Power from L&T

The Competition Commission of India has cleared Torrent Power Limited's proposed acquisition of 100% stake in Nabha Power Limited from L&T Power Development Limited, paving the way for the Ahmedabad-based firm to take full control of a key thermal power asset in Punjab.

The deal covers both equity shares and optionally convertible redeemable preference shares of Nabha Power, which runs a 2x700 MW supercritical thermal power plant at Rajpura and has been operational since 2014.

Torrent Power, part of the diversified Torrent Group, has a presence across power generation, transmission and distribution, and also manufactures transmission cables, with group interests spanning pharmaceuticals and gas distribution.

Nabha Power is currently a wholly owned arm of L&T Power Development.

The fair trade regulator said a detailed order on the transaction will be issued later.