Torrent Power in early talks to acquire L&T’s thermal unit

Torrent Power Ltd. is in discussions to acquire the thermal power business of Larsen & Toubro Ltd. (L&T) in a deal estimated at around $1 billion, including debt.

Both companies are working with financial advisers as part of the ongoing process. The transaction, if completed, would support L&T’s plans to raise funds and reduce debt. The deal structure is not final and may change. 

L&T has been exploring a sale of its thermal power unit to streamline operations and focus on its core areas in engineering and construction. 

Source: The Economic Times