NTPC and MAHAGENCO Sign Shareholder Agreement to Acquire Sinnar Thermal Power Plant

New Delhi, January 9, 2026: NTPC Limited, India’s leading 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.

STPL operates a coal-based thermal power plant with a total capacity of 1,350 MW (5x270 MW) in Sinnar, Nashik, Maharashtra. Currently, only 270 MW is under commercial operation. Upon completion of the acquisition, the total installed capacity of the NTPC Group will increase to 86,987 MW, with commercial capacity rising to 85,907 MW.

The acquisition, part of NTPC’s strategic expansion in the power generation sector, is aimed at strengthening the company’s leadership position in India’s energy market. The process will be completed within 90 days from the NCLT approval, with the total consideration for the consortium of NTPC and MAHAGENCO estimated at Rs. 3,800.14 crore, paid in cash.

The acquisition does not constitute a related-party transaction, and the SHA ensures equal partnership between NTPC and MAHAGENCO, with each holding a 50% stake in the consortium.

This move is expected to accelerate NTPC’s growth trajectory, enhance operational efficiency, and contribute to India’s power generation capacity expansion.