Torrent Power Reportedly Nears $1 Billion Deal for L&T's Thermal Power Unit.

Torrent Power Ltd. is reportedly in advanced discussions to acquire the thermal business unit of Larsen & Toubro Ltd. (L&T) in a deal estimated to be worth approximately $1 billion, including debt.

Sources familiar with the matter, who requested anonymity due to the private nature of the deliberations, indicate that both companies are actively working with financial advisors on the potential transaction. For L&T, a divestment of its thermal power assets would provide a significant cash injection, which could be utilized to reduce its debt burden.

While discussions are ongoing, the sources cautioned that the specifics of the potential transaction could still change, and there's a possibility that talks might not materialize into a definitive agreement. They also noted that other potential bidders for L&T's thermal unit could emerge.