State-owned energy giant NTPC is planning to create a new subsidiary dedicated to nuclear energy projects, according to Chairman and Managing Director Gurdeep Singh. Speaking at the company’s 48th annual general meeting, Singh announced that NTPC is close to beginning work on the 2.8-gigawatt (GW) Mahi Banswara nuclear project in Rajasthan. This project, being developed in partnership with the Nuclear Power Corporation of India Limited (NPCIL) under the joint venture Anushakti Vidhyut Nigam (ASHVINI), involves an estimated investment of ₹50,000 crore.
“In tandem with this, we are moving forward with plans to establish a separate subsidiary focused solely on our nuclear business,” Singh stated. NTPC had previously entered into a supplementary joint venture agreement with NPCIL for the Mahi Banswara project, as well as a 1.4 GW nuclear project in Chutka, Madhya Pradesh. However, the Chutka project will now be handled independently by NPCIL.
NTPC is also exploring the development of nuclear power plants in several states, including Tamil Nadu, Karnataka, Jharkhand, Chhattisgarh, and Gujarat. The company is currently in the process of identifying suitable sites and obtaining the necessary approvals.
Beyond nuclear energy, NTPC is accelerating various projects with a combined capacity of 12 GW, aiming to complete these by the financial year 2029-30. The company has set an ambitious capital expenditure target of ₹7 lakh crore by FY32. Singh highlighted that NTPC is on track to fulfill its commitment to achieve 60 GW of renewable energy capacity by 2032.
Regarding thermal power, Singh noted that NTPC is focused on completing its existing pipeline of 9.5 GW and has issued tenders for an additional 10.4 GW of capacity. He also emphasized a shift in the company’s approach, moving from the traditional engineering, procurement, and construction (EPC) model to a more integrated strategy of sourcing components and aggregating resources like solar PV modules, land, and connectivity.
“We are also aggressively working on establishing storage capacity at our power stations,” Singh added. He highlighted NTPC’s leadership role in India’s clean energy transition, including initiatives in green hydrogen, green chemicals, and carbon capture and utilization.
NTPC has formed strategic collaborations with major energy players like Indian Oil Corporation Limited (IOCL), Oil and Natural Gas Corporation (ONGC), National Aluminium Company (Nalco), and Hindustan Petroleum Corporation Limited (HPCL) for various projects. “These partnerships will be mutually beneficial and will contribute significantly to India’s goal of achieving a carbon-neutral economy,” Singh concluded.
