New Delhi: NTPC Limited, India’s largest power producer, and Maharashtra State Power Generation Company Limited (MAHAGENCO) have executed a Shareholder Agreement (SHA) for the acquisition of Sinnar Thermal Power Limited (STPL). The agreement was signed in Delhi following the approval of the resolution plan by the Hon’ble National Company Law Tribunal (NCLT) on November 28, 2025.
About Sinnar Thermal Power Limited
STPL operates a coal-based thermal power plant located in Sinnar, Nashik, Maharashtra, with a total installed capacity of 1,350 MW (5×270 MW). At present, only 270 MW is commercially operational. The acquisition will allow NTPC and MAHAGENCO to fully develop the remaining capacity, contributing significantly to India’s energy infrastructure.
Strategic Significance of the Acquisition
The acquisition is part of NTPC’s strategic expansion plan in the power generation sector, aimed at:
- Strengthening NTPC’s leadership position in India’s energy market
- Accelerating operational efficiency and capacity utilization
- Expanding the commercial power generation base in Maharashtra
Upon completion of the acquisition, NTPC Group’s total installed capacity will rise to 86,987 MW, with commercial capacity increasing to 85,907 MW.
Transaction Details
- Consortium Formation: NTPC and MAHAGENCO will hold equal stakes of 50% each in the consortium
- Total Consideration: ₹3,800.14 crore, payable in cash
- Timeline: The acquisition is expected to be completed within 90 days of NCLT approval
- Regulatory Compliance: The transaction is not a related-party deal
The SHA ensures equal partnership, enabling both companies to jointly oversee the operational and strategic development of STPL.
Impact on NTPC and the Power Sector
This acquisition reinforces NTPC’s growth trajectory and consolidates its position as a dominant player in India’s power generation sector. The addition of 1,350 MW capacity is expected to improve operational efficiency and contribute significantly to meeting India’s growing energy demand, particularly in Maharashtra.
About NTPC Limited
NTPC Limited is India’s largest power generation company, with a diversified portfolio spanning thermal, hydro, and renewable energy sources. Established as a central public sector enterprise under the Ministry of Power, NTPC plays a key role in India’s energy security, contributing significantly to the country’s installed capacity and providing reliable electricity to millions of consumers nationwide.
