Torrent Power Gets CCI approval to Acquire 100% Stake in Nabha Power for Rs. 6,889 Cr

Synopsis: Torrent Power receives CCI approval to acquire Nabha Power for Rs. 6,889 crore, adding a 1,400 MW supercritical plant in Punjab and expanding capacity to 6.4 GW.

The acquisition of Nabha Power is a strategic play for immediate scale and geographical diversification. By securing the 1,400 MW Rajpura plant, Torrent Power expands its total generation capacity by 28% to 6.4 GW in a single stroke. Unlike greenfield projects that carry years of development risk, this acquisition involves a fully operational, supercritical facility that is already delivering industry-leading performance. The plant’s exceptional 95.36% availability factor significantly outpaces the national average, signaling high-quality maintenance and reliable output that will contribute to Torrent’s bottom line from day one.

Beyond mere capacity, the deal provides Torrent Power with a critical foothold in the northern Indian market, a region where it previously lacked a major presence. The Punjab facility operates under a long-term, 25-year Power Purchase Agreement, ensuring a predictable and secured revenue stream that is insulated from the volatility of the merchant power market. Priced at a disciplined 6x EBITDA multiple, the Rs. 6,889 crore transaction allows Torrent to absorb a high-performing asset with established financial health, effectively trading capital for stable, long-term cash flows in a high-demand industrial geography.

On April 8, 2026, Torrent Power shares were trading at Rs. 1,448.00 on the NSE, gaining 3.47% following the CCI approval. The stock saw strong intraday momentum, touching a high of Rs. 1,475.00 with a traded value of Rs. 41.64 crore. 

This move reflects significant investor optimism, with the stock delivering an 8.23% return over the past week, outperforming the broader Nifty Energy index. With a market capitalization of Rs. 73,015.62 crore, the company continues to trade with healthy volumes as it approaches its 52-week high of Rs. 1,640.00.

Company Overview

Torrent Power is a premier integrated Indian utility operating across generation, transmission, and distribution. Headquartered in Ahmedabad, it manages a diversified portfolio of gas, solar, wind, and coal-based assets, serving over 4.2 million customers in key industrial hubs across Gujarat, Maharashtra, and Uttar Pradesh.

The acquisition of Nabha Power significantly boosts Torrent’s scale, increasing its total generation capacity to 6.4 GW. This move provides a critical entry into the Northern Indian market and immediate negotiating leverage with suppliers and lenders. With the Rajpura plant’s 25-year Power Purchase Agreement and industry-leading 95.36% availability factor, Torrent secures long-term earnings visibility and a high-margin, stable asset base.

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