TPC is taking another decisive step toward reinforcing its position as India’s largest power producer by expanding its generation capacity through a strategic acquisition. The company is set to add significant thermal capacity to its portfolio by acquiring Sinnar Thermal Power Limited (STPL), a coal-based power plant located in Sinnar, Nashik district of Maharashtra.
This move aligns with NTPC’s long-term focus on strengthening its core power generation business while ensuring faster capacity addition compared to greenfield projects.
Strategic Acquisition Through CIRP
STPL owns a 1,350 MW thermal power plant, consisting of five units of 270 MW each. At present, only one unit with 270 MW capacity is commercially operational, while the remaining capacity is at various stages of development.
NTPC, along with Maharashtra State Power Generation Company Limited (MAHAGENCO), acquired the asset through the Corporate Insolvency Resolution Process (CIRP). The resolution plan submitted by the consortium received approval from the National Company Law Tribunal (NCLT) on November 28, 2025, clearing the way for the takeover.
Boost to NTPC Group’s Installed Capacity
With the successful acquisition of STPL, NTPC’s overall power generation footprint will expand meaningfully:
Total installed capacity will rise to 86,987 MW
Commercial capacity will increase to 85,907 MW
This addition strengthens NTPC’s dominance in the thermal power segment while offering scope for future capacity ramp-up as the remaining units become operational.
Partnership Structure and Financial Details
To execute the acquisition, NTPC and MAHAGENCO entered into a Shareholders’ Agreement (SHA) on January 9, 2026. Under the agreement, both partners will hold an equal 50% stake in the acquired entity.
The total acquisition cost stands at ₹3,800.14 crore, which will be paid in cash by the consortium. The entire acquisition process is expected to be completed by February 26, 2026.