NTPC Limited has signed a Shareholder Agreement with Maharashtra State Power Generation Company Limited (MAHAGENCO) to acquire Sinnar Thermal Power Limited (STPL). The acquisition, approved by the National Company Law Tribunal, will increase NTPC group’s total installed capacity to 86,987 MW and commercial capacity to 85,907 MW. STPL owns a coal-based thermal power plant with a capacity of 5X270 MW (1350MW) in Sinnar, Nashik, Maharashtra.
Acquisition of STPL
NTPC Limited has executed a Shareholder Agreement (SHA) with Maharashtra State Power Generation Company Limited (MAHAGENCO) on January 9, 2026, for the acquisition of Sinnar Thermal Power Limited (STPL). This acquisition is part of the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016 (IBC).
Details of Sinnar Thermal Power Plant
STPL owns a coal-based thermal power plant with a capacity of 5X270 MW (1350MW) located in Sinnar, Nashik, Maharashtra. The resolution plan submitted by the Consortium of MAHAGENCO and NTPC has already been approved by the Hon’ble National Company Law Tribunal, Delhi on November 28, 2025.
Capacity Expansion
With the acquisition of STPL, the total installed capacity of NTPC group will increase to 86,987 MW, and the commercial capacity will be 85,907 MW. NTPC is expanding its power generation capabilities through strategic acquisitions.
Acquisition Details
The cost of acquisition for the Consortium is Rs. 3800.14 Crore, with 100% shareholding to be acquired by the Consortium of MAHAGENCO and NTPC Limited, each partner having shareholding of 50%. The acquisition is expected to be completed within 90 days from the date of NCLT’s approval order, i.e., by February 26, 2026.
Target Company Background
Sinnar Thermal Power Limited (STPL) is an unlisted public company incorporated on January 3, 2007. STPL owns a coal-based thermal power plant of 5X270 MW (1350MW) capacity at Sinnar, Nashik, Maharashtra. The turnover for the last three years (2022-23, 2023-24, and 2024-25) has been 0.
Source: BSE
