New Delhi, India:  Saraf and Partner’s Projects, Infrastructure and Energy team acted as the counsel for Larsen & Toubro Power Development Limited (L&T Power), a wholly owned subsidiary of Larsen & Toubro (L&T), on the divestment of its 1400 MW thermal power asset in Punjab, a supercritical coal based plant with twin 700 MW units (Nabha Power Plant), for the enterprise value of INR 6,889 Crores to Torrent Power Limited. The Nabha Power Plant currently has a long-term power purchase agreement with Punjab State Power Corporation Limited.

The transaction involves sale of 100% equity and convertible instruments of Nabha Power Limited (NPL) by L&T Power to Torrent Power Limited subject to regulatory approvals. Saraf and Partners advised L&T Power in structuring the transaction and drafting, reviewing, finalisation and execution of securities purchase agreement.

The divestment of NPL aligns with L&T’s strategic objective of unlocking value to strengthen its robust core businesses. This move positions L&T to create long-term value for its stakeholders, business partners, shareholders and employees. The transaction team for L&T Power was led by Avirup Nag (Partner) and Ankit Sahoo (Partner Designate) along with Asima Ghosh (Senior Associate), Ashwini Panwar ( Associate) and Paritosh Bisen (Associate).