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Torrent Power to buy Nabha Power from L&T for about $760 million

Torrent Power will acquire Nabha Power, a 1,400 MW coal-fired plant operator in Punjab, from Larsen & Toubro for 68.89 billion rupees (about $760 million) including debt, with L&T receiving 36.61 billion rupees for the sale. The plant supplies electricity under a 25-year contract and the deal will raise Torrent's operational capacity to about 6.4 GW from roughly 5 GW. Torrent said the acquisition marks its entry into northern India and will boost revenues and profitability as it expands its thermal portfolio to meet rising power demand. » More on finance.yahoo.com