Saraf and Partners has advised Larsen & Toubro Power Development, a wholly owned L&T subsidiary, on the INR 6,889 crore sale of its 1,400 MW Nabha Power Plant, a supercritical coal plant in Punjab to Torrent Power, which was represented by Khaitan & Co.
The Nabha Power Plant currently has a long-term power purchase agreement with Punjab State Power Corporation. The transaction involves sale of 100 percent equity and convertible instruments of Nabha Power by L&T Power to Torrent Power subject to regulatory approvals.
The divestment of NPL aligns with L&T’s strategic objective of unlocking value to strengthen its core businesses. This move positions L&T to create long-term value for its stakeholders, business partners, shareholders and employees.
Acquiring NPL will increase Torrent’s operational thermal‑generation capacity from about 5 GW to 6.4 GW and will give it a high‑quality, fully‑contracted coal‑based asset in northern India
Saraf and Partners’ transaction team for L&T Power 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’s team on this transaction included partner Dibyanshu , principal associates Raja Kishore and Sathyajith Nair, counsel Prateek Bhandari , principal associate Srijita Jha, senior associate Ashish Jain and associate Abhishek Sharma.
The regulatory diligence team included partner Divya Chaturvedi, counsel Saransh Shaw and senior associate Jai Dhanani. The competition law aspect of this transaction was handled by partner Pranjal Prateek, counsel Soham Banerjee and associates Toshika Soni and Aujaswi Maken.
