NTPC Ltd and Maharashtra State Power Generation Company Ltd (Mahagenco) have executed a shareholder agreement on January 9, 2026, marking a significant step in their joint acquisition of Sinnar Thermal Power Ltd (STPL). The agreement was announced through an exchange filing by NTPC and relates to the acquisition of STPL, which is currently undergoing a corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016.

NCLT Approval and Transaction Timeline

The resolution plan submitted by the NTPC-Mahagenco consortium received approval from the National Company Law Tribunal (NCLT), Delhi, on November 28, 2025. According to the filing, the acquisition must be completed within 90 days from the NCLT approval date, setting the deadline for February 26, 2026.

Asset Details and Financial Terms

STPL owns a coal-based thermal power plant with a total capacity of 1,350 MW, comprising five units of 270 MW each. The facility is strategically located at Sinnar in Nashik district of Maharashtra. The consortium will acquire 100% shareholding in STPL for a total consideration of ₹3,800.14 crore, to be paid entirely in cash.

Ownership Structure and Capacity Enhancement

Upon completion of the transaction, NTPC and Mahagenco will hold equal stakes of 50% each in STPL. This acquisition will significantly boost NTPC Group's power generation capabilities, with the total installed capacity increasing to 86,987 MW and commercial capacity rising to 85,907 MW.

Market Performance

Shares of NTPC closed over 2% lower at ₹336 on January 9, 2026, the day the shareholder agreement was executed. The stock movement reflects market reaction to the announced acquisition deal.

NTPC and Maharashtra State Power Generation Company (Mahagenco) have announced their agreement to jointly acquire Singareni Thermal Power Limited (STPL) in a deal valued at ₹38 billion.

Acquisition Details

The acquisition agreement involves two major state-owned power generation companies coming together to purchase STPL. The transaction represents a significant consolidation move within India's power generation sector.

Strategic Implications

This joint acquisition brings together NTPC, one of India's largest power generation companies, with Mahagenco, Maharashtra's state power generation entity. The partnership demonstrates the ongoing consolidation trend in India's power sector as companies seek to strengthen their market positions and operational capabilities.

About the Companies

NTPC operates as a leading power generation company in India, while Mahagenco serves as Maharashtra state's power generation arm. STPL, the target company, operates in the thermal power generation segment. The collaboration between these entities is expected to create synergies in power generation operations and market reach.