One Board Meeting, Two Giant Decisions - What is NTPC Planning?

NTPC share price ended the session declining 1.33 per cent to close at Rs 370.65, after opening at Rs 374.00 and touching an Intraday high of Rs 377.95. The stock hit an intraday low of Rs 369.85 during the session, shedding Rs 5 on the day. The mild decline suggests that while the board decisions reflect long-term strategic intent, the market may be factoring in the significant capital outlay of over Rs 9,000 crore announced across both proposals.

The Board of Directors of NTPC Limited in its meeting held on 28th March 2026, commencing at 11:10 AM and concluding at 12:15 PM, approved two significant investment proposals.

1. Battery Energy Storage System (BESS) of Rs 5,821.90 Crore
The board approved an investment proposal for a Battery Energy Storage System (BESS) with a total capacity of 4.70 GWh, at an estimated project cost of Rs 5,821.90 crore. This is one of the largest BESS investments approved by any Indian power company to date, reinforcing NTPC's commitment to India's clean energy transition and grid stabilisation goals.

2. Additional Equity in Meja Urja Nigam Private Limited (MUNPL) of Rs 3,173.67 Crore
The board also approved an additional equity commitment of Rs 3,173.67 crore in Meja Urja Nigam Private Limited (MUNPL), a 50:50 Joint Venture between NTPC and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL), for setting up the Meja Super Thermal Power Project Stage-II (3x800 MW). With this investment, the total equity commitment in MUNPL will reach Rs 5,000 crore. The release of additional equity will be subject to the receipt of a proportionate equity contribution from UPRVUNL. The project is expected to be completed by 2029-30.

MUNPL is an existing joint venture that currently operates Meja Stage-I (2x660 MW) and reported a turnover of Rs 5,099 crore in FY 2024-25. The transaction is classified as a related party transaction; however, the subscription to the rights issue of MUNPL does not fall within the ambit of a Related Party Transaction under SEBI (LODR) Regulations, 2015. Post transaction, the shareholding of both promoters, NTPC and UPRVUNL, will remain at 50:50. The disclosures were made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

About the Company

NTPC Limited (National Thermal Power Corporation), along with its subsidiaries, associates, and joint ventures, is India's largest power generation company, primarily engaged in the generation and sale of bulk power to state power utilities across the country. Beyond power generation, the NTPC group is also involved in consultancy, project management and supervision, energy trading, oil and gas exploration, and coal mining. NTPC plays a central role in India's energy security and is a key driver of the country's transition towards cleaner energy sources.