Chandigarh, Feb. 17 -- L&T Power Development Ltd, a wholly-owned subsidiary of infrastructure major Larsen & Toubro (L&T), on Monday agreed to sell its 100% stake in Nabha Power Ltd (NPL) to Ahmedabad-based Torrent Power Ltd for Rs.3,660 crore.

NPL owns and operates the 1,400 megawatt (2 X 700 MW) supercritical coal-fired thermal power plant at Rajpura in Patiala district.

The transaction, which is subject to requisite regulatory approvals, is part of L&T's broader strategy to exit the development projects business.

Given NPL's long-term power purchase agreement and stable operating performance, the divestment is a value-driven monetisation exercise, according to a company release.

SN Subrahmanyan, chairman and managing director of L&...