NTPC and Mahagenco Sign Shareholder Pact to Acquire Sinnar Thermal Power for ₹3,800 Crore

NTPC Ltd and Maharashtra State Power Generation Company (Mahagenco) have signed a shareholder agreement on January 9, 2026, to jointly acquire Sinnar Thermal Power Ltd (STPL), a stressed asset under insolvency resolution. The deal, approved by the National Company Law Tribunal (NCLT) on November 28, 2025, must be completed by February 26, 2026, within the mandated 90-day window. The consortium will acquire 100% of STPL — which owns a 1,350 MW coal-based power plant (5×270 MW) located in Sinnar, Nashik — for ₹3,800.14 crore in cash. Post-acquisition, NTPC and Mahagenco will hold equal 50% stakes, marking a strategic partnership between central and state power entities. The move will boost NTPC’s group commercial capacity to 85,907 MW and total installed capacity to 86,987 MW. This acquisition underscores India’s push to revive stranded thermal assets and strengthen energy security through public-sector collaboration. It also reflects renewed investor confidence in the IBC-led revival of stressed power projects.