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Torrent Power acquires Rajpura thermal plant for ₹3,632 crore
The Rajpura plant, comprising two 700 MW supercritical generating units, supplies electricity to the state under a 25-year power purchase agreement with Punjab State Power Corporation Limited
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Torrent Power Limited had completed the acquisition of the 1,400 MW Rajpura Thermal Power Plant from L&T Power Development Limited for ₹3,632.35 crore. The acquisition became effective on June 25 after receiving approval from the Competition Commission of India (CCI).
Under the deal, Torrent Power acquired 100% equity shares and convertible instruments of Nabha Power Limited (NPL), which owns and operates the Rajpura plant. NPL has consequently become a wholly owned subsidiary of Torrent Power.
The Rajpura plant, comprising two 700 MW supercritical generating units, supplies electricity to the state under a 25-year power purchase agreement (PPA) with Punjab State Power Corporation Limited (PSPCL).
NPL was incorporated by L&T Power Development Limited to develop the project under the Centre’s Case-II competitive bidding framework. Commissioned in 2014, the plant is among the state’s most efficient coal-based power stations and has consistently operated at a high plant load factor. Torrent Power had first informed the stock exchanges regarding the signing of the Securities Purchase Agreement on February 16 and announced the receipt of CCI approval on April 8.
This is the second power plant in the state which has been sold. Earlier in 2024, the state government, through Punjab State Power Corporation Limited (PSPCL), acquired the 540 MW Goindwal Sahib Thermal Power Plant from GVK Power and renamed it the Sri Guru Amardas Thermal Power Plant.
