NTPC Limited has informed the Exchange about execution of Shareholder Agreement between Maharashtra State Power Generation Company Limited and NTPC Limited
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NTPC has signed a Shareholder Agreement with Maharashtra State Power Generation Company (MAHAGENCO) on 9 January 2026 to jointly acquire Sinnar Thermal Power Limited (STPL), a 1,350 MW (5x270 MW) coal-based thermal power plant in Nashik, Maharashtra currently under insolvency resolution. The NCLT Delhi had already approved the resolution plan submitted by the NTPC-MAHAGENCO consortium on 28 November 2025. NTPC and MAHAGENCO will each hold 50% in STPL, with the total cost of acquisition for the consortium being Rs. 3,800.14 crore in cash. Post-acquisition, NTPC group's installed capacity will rise to 86,987 MW and commercial capacity to 85,907 MW. The acquisition is to be completed by 26 February 2026.
This is a capacity-expanding move that strengthens NTPC's position as India's largest power producer by adding 1,350 MW of coal-based capacity, though STPL has reported zero operational turnover for the last three years, meaning value creation will depend on reviving the plant's operations. For shareholders, it signals continued inorganic growth in NTPC's core power generation business, with the deal cost spread across the consortium.