Saraf and Partners advised Larsen & Toubro Power Development on the sale of its stake in the 1,400MW Nabha thermal energy plant in Punjab to Indian peer Torrent Power for INR69 billion (USD756 million).
Saraf and Partners acted for Larsen & Toubro Power Development (L&T Power), which is a wholly owned subsidiary of Indian multinational Larsen & Toubro. The transaction involved a divestment of its 1,400MW supercritical coal-based thermal power asset in Punjab, comprising twin units of 700MW each, known as the Nabha Power Plant.
Partner Avirup Nag and partner designate Ankit Sahoo led the Saraf transaction team, with the support of senior associate Asima Ghosh, associate Ashwini Panwar and associate Paritosh Bisen.
Nabha Power operates the plant and currently supplies electricity under a long-term power purchase agreement with the Punjab State Power Corporation.
The transaction also involved L&T Power selling 100% of the equity and convertible instruments of Nabha Power to Torrent Power, subject to regulatory approvals.
Khaitan & Co advised Torrent Power.
