NTPC Signs Shareholder Agreement with MAHAGENCO to Acquire 1,350 MW Sinnar Thermal Power Asset

NTPC Limited has signed a **Shareholder Agreement (SHA)** with **Maharashtra State Power Generation Company Limited (MAHAGENCO)** on **9 January 2026**, marking a key step toward the acquisition of **Sinnar Thermal Power Limited (STPL)**. The agreement follows earlier disclosures and is pursuant to Regulation 30 of SEBI (LODR). The acquisition is being carried out through a **50:50 consortium between NTPC and MAHAGENCO**, with both partners jointly acquiring **100% equity ownership** in STPL. The resolution plan submitted by the consortium has already received approval from the **Hon’ble National Company Law Tribunal (NCLT), Delhi, on 28 November 2025**, under the Insolvency and Bankruptcy Code (IBC), 2016. STPL owns a **coal-based thermal power plant of 5×270 MW capacity (1,350 MW)** located at **Sinnar, Nashik, Maharashtra**. Of the total capacity, **270 MW has already achieved commercial operation**, while the remaining capacity offers significant upside through phased commissioning. The **total acquisition cost for the consortium is ₹3,800.14 crore**, to be paid entirely in cash. The transaction is expected to be completed **within 90 days of the NCLT approval**, i.e., by **26 February 2026**. Post-acquisition, **NTPC Group’s total installed capacity will increase to 86,987 MW**, while **commercial capacity will rise to 85,907 MW**, further strengthening NTPC’s leadership position in India’s power generation sector. Strategically, the acquisition aligns with NTPC’s core objective of **capacity expansion in power generation** and enhances its footprint in Maharashtra through an asset-backed thermal project acquired via the insolvency resolution framework. 👉 **Follow me for insights.** *Disclaimer:* This article is for informational and educational purposes only and does not constitute investment advice. Investors should consult a certified financial advisor before making any investment decisions.