The Competition Commission of India (CCI) has approved proposed acquisition of 100% equity shares and non-cumulative optionally convertible redeemable preference shares in Nabha Power Ltd. by Torrent Power Ltd.

The proposed combination entails the acquisition of 100% equity shares and noncumulative optionally convertible redeemable preference shares (on a fully diluted basis) in Nabha Power Limited (Target) by Torrent Power Limited (Acquirer) from L&T Power Development Limited (Seller).

The Acquirer is a public listed company engaged in the business of power generation, power transmission, power distribution and manufacturing and supply of power transmission cables.

The Acquirer belongs to the ‘Torrent Group’, which is inter alia engaged in the power, pharmaceuticals and gas distribution sectors.

The Target is a wholly owned subsidiary of the Seller and operates a 2x700 Megawatt supercritical thermal power plant at Rajpura, Punjab, since 2014.

Detailed order of the Commission will follow.

Competition approval for Torrent Power's acquisition of Nabha Power's equity and convertible preference shares. Competition approval was granted for the proposed acquisition of 100% equity shares and non-cumulative optionally convertible redeemable preference shares in Nabha Power Limited by Torrent Power Limited from L&T Power Development Limited. The transaction was structured on a fully diluted basis and concerned a target operating a 2x700 MW supercritical thermal power plant at Rajpura, Punjab. The acquirer is a listed power company engaged in generation, transmission, distribution and cable manufacturing, and forms part of the Torrent Group.