Torrent Power has agreed to acquire Nabha Power, the operator of a 1,400-megawatt coal-fired plant in Punjab, from Larsen & Toubro for 68.89 billion rupees ($759.48 million) including debt. The deal represents Torrent's strategic move to expand its presence in northern India's power market.

Nabha Power operates under a 25-year contract supplying electricity to Punjab's state power corporation. The acquisition will increase Torrent's operational capacity from approximately 5 gigawatts to 6.4 gigawatts. Larsen & Toubro will receive 36.61 billion rupees for the plant operator.

This transaction aligns with Torrent's broader strategy to scale up its thermal portfolio amid rising electricity demand in India. The company recently announced a $2.5 billion coal power project in central India and plans to build 5-7 gigawatts of capacity over the next decade. Torrent Power Chairman Samir Mehta described the deal as marking the company's entry into northern India's high-growth power market.