Torrent Power has announced it will acquire Larsen & Toubro’s (L&T) coal-fired power plant operator, Nabha Power, in a deal valued at Rs68.89bn ($759m), according to Reuters.

The acquisition is one of the largest energy transactions so far this year in India’s thermal power sector.

The agreement will see L&T receive Rs36.61bn for the sale of its Nabha Power unit, which operates a 1,400MW coal-fired plant in Punjab’s Nabha district. The facility supplies all of its output to the Punjab State Power Corporation under a 25‑year power purchase agreement.

With the acquisition, Torrent Power’s total operational capacity will rise to around 6.4GW from its current 5GW. Chairman Samir Mehta said the move will strengthen Torrent’s presence in the high-demand northern Indian power market and support its broader strategy to expand its thermal generation portfolio.

The Ahmedabad-based company has been actively growing its conventional power base alongside renewable capacity to meet India’s steeply rising electricity demand. In 2025, Torrent announced a $2.5bn thermal project in central India and outlined plans to add up to 7GW of new capacity over the next decade.

Industry analysts view the deal as part of a wider trend among Indian utilities, which are bolstering coal-based capacity to address short-term supply constraints while renewable output scales up.