NTPC

By Dharamraj Dhutia and Khushi Malhotra

MUMBAI, Aug 6 (Reuters) - Indian state-run companies NHPC NHPC.NS and NTPC Green Energy NTPG.NS will raise around 45 billion rupees (about $512.6 million) through the sale of short-term bonds this month, three sources aware of the matter said on Tuesday.

Hydropower company NHPC is set to raise around 20 billion rupees through the sale of two-year or three-year bonds and should be the first of the two companies to come up with the issue, the sources said.

NTPC Green Energy, a subsidiary of integrated power company NTPC NTPC.NS, will make its debut in the bond market by raising 20 billion rupees to 25 billion rupees through five-year bonds, according to the sources.

"NTPC Green Energy is keen to go for shorter duration paper, but may also opt for 10-year notes if it gets sufficient interest from investors," one of the sources said.

The sources requested anonymity as the talks are private.

Both the companies did not reply to a Reuters email seeking comment.

NHPC had raised around 19.45 billion rupees in early May through separately transferable redeemable principal part bonds with six-to-15-year maturities.

"Short-end rates are lower and there is a decent spread between a three-to-five year and a 10-year paper, which is encouraging both the firms to go for such issuance," the second source said.

Market participants expect the short-term bond yields to ease further as the Reserve Bank of India's monetary policy decision, due later in the day, is expected to boost demand for bonds.

($1 = 87.7930 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)

(([email protected];))

Updates Aug 1 story with details on power ministry data on stranded capacity, in paragraphs 9-10

By Sudarshan Varadhan

SINGAPORE, Aug 1 (Reuters) - India's stranded renewable power capacity - projects awarded but unable to come online - more than doubled over nine months, due to unfinished transmission lines, and legal and regulatory delays, letters from an industry group to the government showed.

The South Asian nation aims to more than double its non-fossil fuel power capacity to 500 gigawatts by 2030, but the acceleration has left projects without firm agreements to supply power.

Renewable projects that won tenders to generate power but are yet to sign power purchase agreements with buyers have surged to over 50 gigawatts, India's Sustainable Projects Developers Association said in a letter to the Ministry of New and Renewable Energy on June 27.

That compared with stranded projects of over 20 GW, another letter sent by the SPDA on October 4 showed. Both letters were reviewed by Reuters.

Tendered projects cumulatively worth billions of dollars awarded to companies including JSW, NTPC NTPC.NS, NTPG.NS, Adani Green ADNA.NS, ACME Solar ACMO.NS, Renew RNW.O and Sembcorp SEMB.NS are stranded, two industry officials familiar with the matter said.

"Energy transition is not just about building solar and wind capacity, it is also about ensuring that clean power reaches in a most optimum cost and timely manner," the SPDA said in its June 27 letter to the renewable energy ministry.

The stranded solar and wind capacity without buyers of over 50 GW reported by the SPDA is about a quarter the size of India's current installed renewable capacity of 184.6 GW.

The companies did not respond to Reuters requests seeking comment.

A spokesperson for India's power ministry told Reuters on Saturday renewable projects of about 44 GW had been awarded generation licences by federal agencies - which account for most tenders - but did not have supply agreements.

He did not elaborate on the scale of the increase in stranded projects, the duration of delay or companies affected.

Delays in critical transmission infrastructure - especially in sun-drenched states such as Rajasthan and Gujarat - have forced many solar plants to miss commissioning deadlines, the SPDA said in the June letter.

Interstate transmission lines connecting renewable energy projects to the grid are being fast-tracked, and compensation for landowners allowing power cables on their property has been increased to facilitate construction, the ministry spokesperson said.

India plans to connect 230 GW of renewable energy projects to the grid through interstate transmission lines, of which 20% have been completed, 70% are under construction and the remainder is being bid out, he said, without specifying a timeline for completion.

Renewable projects are also stuck due to prolonged legal disputes over land and environmental permissions, SPDA said, adding that several developers have paused operations over unresolved court cases.

(Reporting by Sudarshan Varadhan; Editing by Frances Kerry, Louise Heavens and Alison Williams)

(([email protected]; +65 91164984;))

By Sudarshan Varadhan

SINGAPORE, Aug 1 (Reuters) - India's stranded renewable power capacity - projects awarded but unable to come online - more than doubled over nine months, due to unfinished transmission lines, and legal and regulatory delays, letters from an industry group to the government showed.

Renewable projects that won tenders to generate power but are yet to sign power purchase agreements with buyers have surged to over 50 gigawatts (GW), India's Sustainable Projects Developers Association (SPDA) said in a letter to the Ministry of New and Renewable Energy on June 27.

That compared with stranded projects of over 20 GW, another letter sent by the SPDA on October 4 showed. Both letters were reviewed by Reuters.

The stranded solar and wind capacity without buyers of over 50 GW reported by the SPDA is about quarter the size of India's current installed renewable capacity of 184.6 GW.

"India's energy transition is not just about building solar and wind capacity, it is also about ensuring that clean power reaches in a most optimum cost and timely manner," the SPDA said in the June 27 letter to the renewable energy ministry.

The ministry did not immediately respond to a request seeking comment.

India has been ramping up renewables as it pushes to more than double its non-fossil fuel power capacity to 500 GW by 2030. A record 22 GW of solar and wind capacity came online in the six months ended June, government data showed.

However, tendered projects cumulatively worth billions of dollars awarded to companies including JSW, NTPC NTPC.NS, NTPG.NS, Adani Green ADNA.NS, ACME Solar ACMO.NS, Renew RNW.O and Sembcorp SEMB.NS are stranded, two industry officials familiar with the matter said.

The companies did not respond to Reuters requests seeking comment.

The SPDA includes leaders of some of India's largest renewable energy producers Renew Power, ACME Group and Avaada Group as members of its core committee.

Delays in critical transmission infrastructure - especially in sun-drenched states such as Rajasthan and Gujarat - have forced many solar plants to miss commissioning deadlines, risking financial penalties and potential loss of government incentives, the SPDA said in the June letter.

The SPDA urged the government in the same letter to recognise delays in approvals and transmission construction as force majeure events to help protect developers from financial penalties, and to expedite regulatory permissions.

Renewable projects are also stuck due to prolonged legal disputes over land and environmental permissions, it said, adding that several developers have paused operations over unresolved court cases.

(Reporting by Sudarshan Varadhan
Editing by Frances Kerry)

(([email protected]; +65 91164984;))

July 29 (Reuters) - Larsen and Toubro Ltd LART.NS:

• INDIA L&T EXEC: WILL CONTINUE TO LOOK FOR OPPORTUNITIES TO MONETIZE NABHA POWER

• L&T EXEC: CAPACITIES ARE FULL FOR COAL PLANT BOILERS AND TURBINES BUSINESS

• L&T EXEC: SEE NEED FOR COAL CAPACITY EXPANSION IN INDIA AS POWER DEMAND GROWS

• L&T EXEC: FLUE GAS DESULFURIZATION PROJECTS WITH NTPC ARE IN ADVANCED STAGES

Further company coverage: LART.NS

(([email protected];))

July 16 (Reuters) -

• INDIA INFORMATION MINISTER: CABINET DECIDED TO STRENGTHEN NTPC, NLCIL TO INVEST IN RENEWABLE ENERGY

• INDIA INFORMATION MINISTER: CABINET APPROVES INVESTMENT OF 200 BILLION RUPEES BY NTPC IN RENEWABLES

• INDIA INFORMATION MINISTER: CABINET APPROVES INVESTMENT OF 70 BILLION RUPEES BY NLC IN RENEWABLE ENERGY

Further company coverage: NLCI.NS

(([email protected];))

July 1 (Reuters) - NTPC Ltd NTPC.NS:

• NTPC LTD - DECLARES COD OF 32.80 MW IN KHAVDA SOLAR PROJECT

• NTPC LTD - DECLARES COD OF 64.7 MW IN KHAVDA-I SOLAR PV PROJECT

Source text: ID:nNSE73wTYy

Further company coverage: NTPC.NS

(([email protected];))

June 26 (Reuters) - NTPC Ltd NTPC.NS:

• NTPC - DECLARATION OF COD OF UNIT3 OF BARH SUPER THERMAL POWER PROJECT

Source text: [ID:]

Further company coverage: NTPC.NS

(([email protected];))

June 21 (Reuters) - NTPC Ltd NTPC.NS:

• SAYS BOARD APPROVED RAISING UP TO 180 BILLION RUPEES VIA NON-CONVERTIBLE DEBENTURES

Further company coverage: NTPC.NS

(([email protected];))

** Shares of Waaree Energies WAAN.NS up 5.6%, NTPC Green Energy NTPG.NS up 4%, Hyundai Motor India HYUN.NS rise 2.6%
** WAAN, NTPG, and HYUN among shares being added to FTSE Russell index via quarterly rejig happening on Friday, leading to inflows
** FTSE rejig is expected to result in a net inflow of ~$150 million into India, Nuvama Alternative and Quantitative Research said
** WAAN shares down 1.3% YTD, while NTPG down 15.2% and HYUN up 8.5%

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected] ))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, June 18 (Reuters Breakingviews) - India's expectations from its state-owned enterprises are unrealistic. New Delhi wants the profitable ones to make larger and more frequent dividend payments. That can boost government revenue, but the push overlooks companies' shrinking cash piles.

State companies paid out record dividends worth 1.5 trillion rupees ($17.31 billion) during the year ended March, with Oil and Natural Gas Corporation ONGC.NS and lenders including State Bank of India SBI.NS among the top payers. Overall, public sector companies distributed about a quarter of total dividends in the last financial year despite accounting for one tenth of India's market capitalisation.

Now the South Asian country is asking the cohort to increase dividends by about 25% for the financial year to the end of March 2026, Bloomberg reported this month, citing sources, and make the payments on a quarterly basis rather than annually. This looks like a step in the opposite direction of the government's own guideline from November, which relaxed the minimum yearly dividend requirement to the lower of 30% of net profit or 4% of net worth.

There is mounting budget angst. Earlier this year, Arunish Chawla, a secretary in the ministry of finance, argued high payouts are why mutual funds ought to include state-run firms in their investment portfolios. One unspoken aim may be to support public valuations. This would, in turn, help the government to raise revenue by selling state assets. Ensuring payouts at three-month intervals also could help stabilise inflows: tax income turned lumpy after GDP growth slowed through part of last year. The latest personal income tax cuts also will eat into future revenue.

Companies have limited room to step up, however. The cumulative free cash flows after deducting common dividends at eight large non-financial state-owned enterprises stood at 615 billion rupees ($7.14 billion) in March 2024, may have turned negative as of March, and could fall further by 2026, per estimates by Fitch Ratings. That's because the capital expenditure of companies like energy producer NTPC NTPC.NS and utilities provider Power Grid PGRD.NS is rising.

Investors typically shun or discount government-controlled companies precisely because they are vulnerable to official meddling in how they manage their finances. Making too high demands on the state sector is one way to ensure it shrinks sooner rather than later.

Follow Shritama Bose on Linkedin and X.

CONTEXT NEWS

The Indian government is asking state-run companies to increase dividend payouts by about 25% during the financial year to March 31, 2026, to bolster finances in a volatile global environment, Bloomberg reported on June 2, citing unnamed people with knowledge of the matter.

The government is requesting companies to make these payments on a quarterly basis rather than annually, the report added, and wants to collect about 900 billion rupees ($10.5 billion) through dividends in the year through March 2026 compared with 740.2 billion rupees received in the previous year.

(Editing by Una Galani; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

June 16 (Reuters) - Nepal has begun exporting 40 megawatts (MW) of electricity to Bangladesh through India's power grid in its first move into the international energy market and positioning India as a key facilitator of regional electricity trading.

Nepal is also exporting 80 MW to Bihar state in India's east, Nepal's Energy Minister Dipak Khadka said on X on Sunday, adding that power exports had unlocked a 5,000 MW export market for the Himalayan nation.

The power transaction follows a tripartite agreement signed in October between Nepal Electricity Authority, Bangladesh Power Development Board, and India's NTPC Vidyut Vyapar Nigam.

India exports electricity to Nepal, Bangladesh and Myanmar, while importing power from Nepal and Bhutan and is discussing plans to integrate its grid with Sri Lanka.

The development comes as Nepal rapidly expands its hydropower capacity, with Indian hydro power producer SJVN SJVN.NS currently developing the 900 MW Arun-3 project in Nepal's Sankhuwasabha district.

In April, India's Power Grid Corporation PGRD.NS and Nepal Electricity Authority agreed to implement high-capacity cross-border transmission infrastructure to facilitate increased power trading.

Nepal, which has installed capacity of more than 3,000 MW, with 95% hydro, has also been seeking Indian investment to boost its hydroelectric output and export surplus power to New Delhi.

(Reporting by Sethuraman NR; Editing by Kate Mayberry)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

MUMBAI, June 13 (Reuters) - India's NTPC NTPC.NS has accepted bids worth 40 billion rupees ($464.4 million) for bonds maturing in 10 years, three bankers said on Friday.

The state-run company will pay an annual coupon of 6.89% and had invited coupon and commitment bids for the issue earlier in the day, they said.

NTPC did not immediately reply to a Reuters email seeking a comment.

Here is the list of deals reported so far on June 13:

*Size includes base plus greenshoe for some issues

($1 = 86.1300 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

(([email protected]))

June 12 (Reuters) - NTPC Ltd NTPC.NS:

• NTPC LTD - COMPLETES TRIAL OPERATION OF 660 MW UNIT AT BARH PROJECT

• NTPC LTD - TOTAL INSTALLED CAPACITY NOW 60926 MW STANDALONE, 82028 MW GROUP

Source text: ID:nNSE4Fr3Sg

Further company coverage: NTPC.NS

(([email protected];))

MUMBAI, June 11 (Reuters) - India's NTPC NTPC.NS plans to raise 40 billion rupees ($467.9 million), including a greenshoe option of 33 billion rupees, through the sale of bonds maturing in 10 years, three bankers said on Wednesday.

The state-run company has invited coupon and commitment bids for the issue on Friday, they said.

NTPC did not immediately reply to Reuters email seeking a comment.

Here is the list of deals reported so far on June 11:

*Size includes base plus greenshoe for some issues

($1 = 85.4900 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

(([email protected]))

By Krishna N. Das, Sarita Chaganti Singh

CHANDRAPUR/SOLAPUR, India, June 9 (Reuters) - April marks the start of the cruelest months for residents of Solapur, a hot and dry district in western India. As temperatures soar, water availability dwindles. In peak summer, the wait for taps to flow can stretch to a week or more.

Just a decade ago, water flowed every other day, according to the local government and residents of Solapur, some 400 km inland from Mumbai.

Then in 2017, a 1,320-megawatt coal-fired power plant run by state-controlled NTPC NTPC.NS began operations. It provided the district with energy - and competed with residents and businesses for water from a reservoir that serves the area.

Solapur illustrates the Catch-22 facing India, which has 17% of the planet’s population but access to only 4% of its water resources. The world's most populous country plans to spend nearly $80 billion on water-hungry coal plants by 2031 to power growing industries like data center operations.

The vast majority of these new projects are planned for India's driest areas, according to a power ministry document reviewed by Reuters, which is not public and was created for officials to track progress.

Many of the 20 people interviewed by Reuters for this story, which included power company executives, energy officials and industry analysts, said the thermal expansion likely portended future conflict between industry and residents over limited water resources.

Thirty-seven of the 44 new projects named in the undated power ministry shortlist of future operations are located in areas that the government classifies as either suffering from water scarcity or stress. NTPC, which says it draws 98.5% of its water from water-stressed areas, is involved in nine of them.

NTPC said in response to Reuters' questions that it is "continuously striving towards conservation of water with best of our efforts in Solapur," including using methods like treating and reusing water. It did not answer queries about potential expansion plans.

India's power ministry has told lawmakers in parliament, most recently in 2017, that the locations of coal-fired power plants are determined by factors including access to land and water and that state governments are responsible for allocating water to them.

Access to land is the dominant consideration, two federal groundwater board officials and two water researchers told Reuters.

India's complex and arcane land laws have delayed many commercial and infrastructure projects for years, so power operators under pressure to meet burgeoning demand pick areas where they are likely to face little resistance, said Rudrodip Majumdar, an energy and environment professor at the National Institute of Advanced Studies in Bengaluru.

"They look for areas with easy land availability - minimum resistance for maximum land - even if water is available only far away," he said.

The federal power ministry, as well as energy and water authorities in Maharashtra state, where Solapur is located, did not respond to queries.

Delhi attempted to reduce its reliance on coal before reversing track after the COVID pandemic. It has invested heavily in renewable energy sources like solar and hydro, but thirsty thermal power will still be dominant for the coming decades.

India's former top energy bureaucrat Ram Vinay Shahi said ready access to power was strategically important for the country, whose per-capita power consumption is far lower than its regional rival China.

"The only energy resource we have in the country is coal," he said. "Between water and coal, preference is given to coal."

'NOTHING' IN SOLAPUR?

Solapur resident Rajani Thoke plans her life around water in high summer. On days with supply, "I do not focus on anything other than storing water, washing clothes and such work," said the mother of two, who strictly polices her family’s water use.

Sushilkumar Shinde, the federal power minister who approved the Solapur plant in 2008, when the area had already been classified "water scarce," told Reuters he helped NTPC procure the land by negotiating payments to locals.

The member of the opposition Congress party, who won election to retain Solapur's parliamentary seat a year after the plant's approval, defended the operation on grounds of NTPC's sizable investment. The $1.34 billion plant generated thousands of jobs during its construction and now provides part-time employment to about 2,500 locals.

"I made sure farmers got good money for the land NTPC acquired," he said, adding that mismanagement by local authorities was to blame for water shortages.

Solapur municipal official Sachin Ombase acknowledged that water distribution infrastructure had not kept up with population growth, but said that authorities were trying to address the problem.

Shinde said "there was nothing" in Solapur in 2008 and that residents who received land payments had no reason to oppose the plant.

Researcher Shripad Dharmadhikary, who founded environment advocacy group Manthan Adhyayan Kendra, said local politicians often supported splashy infrastructure projects to boost their popularity.

Any "problems come up much later," he said.

Even before the Solapur plant started operating, there were signs of the trouble to come. The first of its two units was supposed to start generating power by the middle of 2016, but it was delayed by more than 12 months because of years of severe water shortages, according to a 2020 regulatory filing.

The absence of nearby water resources meant the station ended up drawing on water from a reservoir about 120 km away. Such distances can sharply increase costs and the risk of water theft, said Dharmadhikary and two plant sources.

As of May 2023, the station is among India's least water-efficient, according to the latest available federal records. It also has among the lowest capacity utilization rates of coal-fired plants, according to data from government think-tank NITI Aayog.

NTPC said its data indicates the Solapur plant has an efficiency ratio in line with the country's norms.

Indian stations typically consume twice as much water as their global counterparts, according to the Delhi-based Centre for Science and Environment think-tank.

Solapur plant officials told reporters in March that capacity utilization will improve with increasing demand, indicating that water consumption could surge in the future.

A forthcoming survey on water use in Solapur led by state groundwater authorities and reviewed by Reuters showed that irrigation demand in the district outstrips supply by a third.

Dharmes Waghmore owns farmland a few miles from the plant and said that developing it would provide more financial security than his current casual work.

But he said borrowing money to develop the land by drilling a bore well is too risky: "What if there's no water?"

Kuladeep Jangam, a top local official, said authorities were struggling to draw businesses to Solapur.

The lack of "water neutralizes all other pull factors," he said.

THIRST FOR WATER

Since 2014, India has lost 60.33 billion units of coal-power generation across the country - equivalent to 19 days of coal-power supply at June 2025 levels - because water shortages force plants to suspend generation, according to federal data.

Among the facilities that have struggled with shortages is the 2,920 MW Chandrapur Super Thermal Power Station, one of India's largest.

Located about 500 km northeast of Solapur but also in a water-stressed area, the plant shuts several of its units for months at a time when the monsoon delivers less rain than usual, according to NITI Aayog data.

Despite the challenges, the plant is considering adding 800 MW of new capacity, according to the power ministry list seen by Reuters and half a dozen sources at Mahagenco, which operates the station.

The document indicates the plant hasn't identified a water source for the expansion, though it has already sourced its coal.

State-owned Mahagenco did not respond to Reuters' questions.

The plant's thirst for water has previously led to tensions with residents of nearby Chandrapur city. Locals protested the station during a 2017 drought, prompting officials such as local lawmaker Sudhir Mungantiwar to order it to divert water to homes.

Mungantiwar, however, says he supports the expansion of the plant, which he hopes will lead to it retiring water-inefficient older units.

But the station has already delayed a plan to decommission two polluting and water-guzzling power units with a capacity of 420 MW by about seven years, citing instructions from the federal government, the company sources said.

The Indian government asked power companies not to retire old thermal plants until the end of the decade due to a surge in demand following the pandemic, Reuters has reported.

Chandrapur resident Anjali, who goes by one name, said she is resigned to visiting a tap installed by the station near one of its gates for drinking water.

"We’re poor, we make do with whatever we can get," she said.

(Reporting by Krishna N. Das in Chandrapur and Sarita Chaganti Singh in Solapur; Additional reporting by Shivam Patel in New Delhi; Graphics by Ainnie Arif and Han Huang; Editing by Katerina Ang)

(([email protected]; https://twitter.com/krishnadas56 ;))

May 7 (Reuters) - NTPC Ltd NTPC.NS:

• NTPC - TO ISSUE UNSECURED NON-CONVERTIBLE DEBENTURES OF 40 BILLION RUPEES

• NTPC - NCD ISSUE VIA PRIVATE PLACEMENT AT COUPON OF 6.84% P.A. FOR 10 YRS TENOR

Source text: ID:nBSE6RhWr2

Further company coverage: NTPC.NS

(([email protected];))

MUMBAI, May 5 (Reuters) - India's NTPC NTPC.NS plans to raise 40 billion rupees ($473.8 million), including a greenshoe option of 33 billion rupees, through the sale of bonds maturing in 10 years, three bankers said on Monday.

It has invited coupon and commitment bids for the issue on Wednesday, they said.

NTPC did not immediately reply to a Reuters email seeking a comment.

Here is the list of deals reported so far on May 5:

*Size includes base plus greenshoe for some issues

($1 = 84.4175 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

(([email protected]))

April 30 (Reuters) - Indian thermal power firm Adani Power ADAN.NS reported a 5% fall in fourth-quarter profit on Wednesday, hurt by lower tariff realisations and higher operating costs.

The company, part of the billionaire Gautam Adani-led Adani Group, said its consolidated profit fell to 25.99 billion rupees ($307.2 million) in the three months ended March 31 from 27.37 billion rupees a year earlier.

Its power sale volumes rose 18.9% year-on-year in the quarter, but revenue grew a modest 6.5% to 142.37 billion rupees due to weaker merchant tariffs.

The company said the supply of power outpaced demand, leading to a fall in merchant tariffs during the quarter, which resulted in lower realisations.

Merchant tariffs refer to the price at which electricity is sold in the open market.

Adani Power did not disclose the extent to which merchant tariffs fell during the quarter compared to a year earlier.

The company also said that it faced higher operating expenses during the quarter due to three newly acquired plants in the September quarter last year.

Adani Power's total expenses rose 9.2% for the fourth quarter.

Peers NTPC NTPC.NS and JSW Energy JSWE.NS are yet to report their quarterly results.

Adani Power's shares settled 3% lower after the results.

($1 = 84.6170 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru; Editing by Sonia Cheema)

(([email protected]; +91 7982114624;))

By Sarita Chaganti Singh

NEW DELHI, April 18 (Reuters) - India is planning to ease its nuclear liability laws to cap accident-related penalties on equipment suppliers, three government sources said, in a move mainly to attract U.S. firms that have been holding back due to the risk of unlimited exposure.

The proposal by Prime Minister Narendra Modi's government is the latest step to expand nuclear power production capacity by 12 times to 100 gigawatts by 2047 as well as provide a fillip to India in trade and tariff negotiations with the U.S.

A draft law prepared by the department of atomic energy removes a key clause in the Civil Nuclear Liability Damage Act of 2010 that exposes suppliers to unlimited liability for accidents, the three sources said.

India's atomic energy department, the prime minister's office and the finance ministry did not respond to requests seeking comment.

"India needs nuclear power, which is clean and essential," said Debasish Mishra, chief growth officer at Deloitte South Asia.

"A liability cap will allay the major concern of the suppliers of nuclear reactors."

The amendments are in line with international norms that put the onus on the operator to maintain safety instead of the supplier of nuclear reactors.

New Delhi is hoping the changes will ease concerns of mainly U.S. firms like General Electric Co GE.N and Westinghouse Electric Co that have been sitting on the sidelines for years due to unlimited risks in case of accidents.

Analysts say passage of the amended law is crucial to negotiations between India and the U.S. for a trade deal this year that aims to raise bilateral trade to $500 billion by 2030 from $191 billion last year.

Modi's administration is confident of getting approval for the amendments in the monsoon session of parliament, set to begin in July, according to the sources.

Under the proposed amendments, the right of the operator to compensation from the supplier in case of an accident will be capped at the value of the contract. It will also be subject to a period to be specified in the contract.

Currently, the law does not define a limit to the amount of compensation an operator can seek from suppliers and the period for which the vendor can be held accountable.

LAW GREW OUT OF BHOPAL DISASTER

India's 2010 nuclear liability law grew out of the 1984 Bhopal gas disaster, the world's deadliest industrial accident, at a factory owned by U.S. multinational Union Carbide Corp in which more than 5,000 people were killed.

Union Carbide agreed to pay an out-of-court settlement of $470 million in damages in 1989.

The current liability law effectively shut out Western companies from a huge market, and also strained U.S.-Indian relations since they reached a deal on nuclear cooperation in 2008.

It also left U.S. firms at a disadvantage to Russian and French companies whose accident liability is underwritten by their governments.

The draft law also proposes a lower liability cap on small reactor operators at $58 million, but is unlikely to alter the cap for large reactor operators from the current level of $175 million, the three sources said.

India is betting big on nuclear power to meet its rising energy demand without compromising on net-zero commitments, for which it proposes to allow private Indian companies to build such plants.

Indian conglomerates like Reliance Industries RELI.NS, Tata Power TTPW.NS, Adani Power ADAN.NS and Vedanta Ltd VDAN.NS have held discussions with the government to invest around $5.14 billion each in the sector.

($1 = 85.6320 Indian rupees)

(Reporting by Sarita Chaganti Singh, Editing by Raju Gopalakrishnan.)

(([email protected];))

** Shares of Tata Power Company TTPW.NS rises 3.9% to 379 rupees, their biggest one-day gain in 3 months

** Stock among top pct gainers in the Nifty energy index .NIFTYENR, which is up 1.5%

** Integrated power co's unit signs pact with NTPC Limited NTPC.NS to develop a 200 MW renewable energy project

** Project valued at 45 billion rupees ($525.06 million); to be completed within 24 months

** Avg of analysts' rating on stock is "hold;" median PT is 423 rupees - data compiled by LSEG

** Stock down 4% YTD vs 6.5% fall in Nifty energy index

** NTPC last up 1.4%

($1 = 85.7050 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

By Sethuraman N R

April 8 (Reuters) - India's NTPC NTPC.NS is exploring the possibility of building small modular reactors to replace its older thermal power plants, according to a tender document, the first such proposal since the country moved to open its much-guarded nuclear sector.

The state-run company, India's top power producer, has called for consultants to run feasibility tests for small modular reactors (SMR), which have simpler designs than large nuclear plants and can be scaled up to meet demand.

NTPC mainly runs coal-fired plants and wants to identify ones that can be retired in the next five years, preferably replaced by SMRs, according to the tender on Monday.

Reuters had reported in February that the company was in talks with foreign firms, including those from Russia and the U.S., to build SMRs. Its current capacity, including through its joint ventures, is about 63 gigawatts (GW) of coal power.

In early February, India said it would amend its nuclear liability law to boost foreign and private investments, aiming for at least 100 GW of nuclear capacity by 2047 from about 8 GW now, all of which is operated by state-run Nuclear Power Corp of India.

While companies such as Tata Power TTPW.NS have expressed interest in building SMRs, NTPC is the first to issue a tender.

NTPC also plans to build large nuclear reactors with about 15 GW combined capacity. It has started work on two 2.6 GW plants.

(Reporting by Sethuraman NR; Editing by Savio D'Souza)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

By Uditha Jayasinghe and Shivam Patel

COLOMBO/NEW DELHI, April 5 (Reuters) - India and the United Arab Emirates agreed to develop an energy hub in Sri Lanka, India's foreign ministry said on Saturday, as New Delhi's competition with China grows in the Indian Ocean island nation.

The three nations signed the pact for the hub during Indian Prime Minister Narendra Modi's visit to Sri Lanka, the first by a global leader since Sri Lankan President Anura Kumara Dissanayake took office in September.

New Delhi and Colombo have worked to deepen ties as India's southern neighbour recovers from a severe financial crisis triggered in 2022, during which India provided $4 billion in financial assistance.

Saturday's agreement boosts New Delhi's competition with China, whose state energy firm Sinopec (600028.SS) has signed a deal to build a $3.2-billion oil refinery in Sri Lanka's southern port city of Hambantota.

The energy hub in the strategically important city of Trincomalee, a natural harbour in the Sri Lanka's east, will involve construction of a multi-product pipeline and may include using a World War Two tank farm partly held by the Sri Lankan subsidiary of Indian Oil Corp IOC.NS, Indian Foreign Secretary Vikram Misri told reporters in Colombo.

"The UAE is a strategic partner for India in the energy space and therefore was an ideal partner for this exercise that is being done for the first time in the region," Misri said. "The exact contours of UAE's role will be elaborated once the business to business discussions kick off."

The three nations will next choose business entities that will consider the financing and feasibility of projects for the hub, he said.

Modi also inaugurated a $100 million solar power project, a joint venture between Ceylon Electricity Board and India's National Thermal Power Corp NTPC.NS.

India and Sri Lanka also concluded their debt restructuring process, Foreign Secretary Misri said. Sri Lanka owes about $1.36 billion in loans to EXIM Bank of India and State Bank of India, according to Sri Lanka Finance Ministry data.

Colombo kicked off debt restructuring talks after it defaulted on its debt in May 2022, signing a preliminary deal with bilateral creditors Japan, India and China last June.

India and Sri Lanka also signed pacts on power grid connectivity, digitalisation, security and healthcare.

(Reporting by Uditha Jayasinghe in Colombo and Shivam Patel in New Delhi; Editing by William Mallard)

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By Shivam Patel and Uditha Jayasinghe

NEW DELHI, April 4 (Reuters) - India is looking to strengthen energy and defence ties with Sri Lanka and promote investments during Prime Minister Narendra Modi's two-day state visit to the island nation, where New Delhi competes with China for greater influence.

Modi, set to arrive on Friday evening, will be the first global leader hosted by Sri Lankan President Anura Kumara Dissanayake after he took office in September.

Sri Lanka is keen to attract foreign investment to stabilise its economy after a financial crisis in 2022, during which India provided $4 billion in financial assistance.

India is also one of Sri Lanka's key bilateral lenders, which agreed to restructure about $1.36 billion in loans after the island nation defaulted on its debt in May 2022.

"Prime Minister Modi’s visit aims to strengthen the longstanding ties between Sri Lanka and India," the Sri Lankan president's office said in a statement.

The visit will see pacts signed on key sectors such as energy, digitalisation, security, healthcare, as well as agreements related to India’s debt restructuring assistance for Sri Lanka, it added.

At their first meeting in New Delhi in December, the leaders discussed investments in Sri Lanka and plans for India to supply liquefied natural gas to Sri Lanka and help link power grids.

The talks also featured development of a regional energy and industrial hub in eastern Trincomalee. In January, Dissanayake said the two were in talks on building an oil refinery there as a joint venture focusing on exports, domestic media said.

When completed, the project would stoke competition between India and China, whose state energy firm Sinopec 600028.SS has signed a deal to build a $3.2-billion oil refinery in Sri Lanka's southern port city of Hambantota.

New Delhi-run Indian Oil Corp is already the second biggest fuel supplier after state-owned Ceylon Petroleum Corp.

India's foreign ministry did not comment on whether the proposed Trincomalee refinery will figure in this week's talks.

It told reporters in a briefing ahead of the visit that Modi would join in a ceremony to break ground for a 120-megawatt solar power project of the Ceylon Electricity Board and India's National Thermal Power Corporation NTPC.NS.

The ministry said it hoped to wrap up an agreement on defence cooperation with Sri Lanka. December's discussions had envisioned provision of arms to Sri Lanka to boost its defence capability.

(Reporting by Shivam Patel in New Delhi; Editing by Clarence Fernandez)

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April 2 (Reuters) - Ge Power India Ltd GEPO.NS:

• RECEIVES 382 MILLION RUPEES ORDER FROM NTPC

Source text: ID:nBSE3qfmY9

Further company coverage: GEPO.NS

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March 28 (Reuters) - NTPC Ltd NTPC.NS:

• ACQUISITION OF AYANA RENEWABLE POWER BY ONGC NTPC GREEN

• TOTAL CAPACITY OF NTPC ON GROUP BASIS HAS NOW BECOME 79,930 MW

Source text: [ID:]

Further company coverage: NTPC.NS

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** India's low per-capita power consumption, urbanization and industrial growth will lead to a power demand CAGR of 5%-6% over the next decade, says J.P.Morgan

** Initiates coverage of NTPC NTPC.NS and Power Grid PGRD.NS at "overweight"

** Starts Tata Power TTPW.NS and Torrent Power TOPO.NS at "neutral" and JSW Energy JSWE.NS at "underweight"

** Says correction over the past six months reduced the froth in the valuations, but still finds private companies in power sector expensive

** Expects NTPC and Power Grid shares to gain 13.6% and 8.6%, respectively, over the next 12 months

** Estimates Tata Power and Torrent Power to trade largely flat and sees JSW Energy drop 10% in the next 12 months

(Reporting by Bharath Rajeswaran in Bengaluru)

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March 24 (Reuters) - NTPC Ltd NTPC.NS:

• DECLARATION OF COMMERCIAL OPERATION OF KERANDARI COAL MINING PROJECT

• COMMERCIAL OPERATION OF KERANDARI COAL MINING PROJECT DECLARED WITH EFFECT FROM APRIL 1

Source text: ID:nBSE8hBVbV

Further company coverage: NTPC.NS

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March 18 (Reuters) - NTPC Ltd NTPC.NS:

• TO ISSUE UNSECURED NON-CONVERTIBLE DEBENTURES OF 40 BILLION RUPEES

Source text: [ID:]

Further company coverage: NTPC.NS

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By Dharamraj Dhutia

MUMBAI, March 17 (Reuters) - Indian investor appetite is set to be tested in the run-up to the end of the financial year as companies line up $3 billion of bond issuances over two days, adding to an already heavy pipeline of debt.

State-run firms, including REC RECM.NS, NTPC NTPC.NS and Canara Bank CNBK.NS, are set to raise 140 billion rupees ($1.61 billion) on Monday and Tuesday, while non-banking financial companies (NBFC) may issue much as 164 billion rupees, above the threshold of 100 billion rupees per week.

India's financial year runs from April to March.

"The supply overhang remains significant, with a heavy pipeline of state development loans crowding the market, said Venkatakrishnan Srinivasan, founder and managing partner at debt advisory firm Rockfort Fincap.

"Credit spreads may face pressure as institutional investors push back on pricing, demanding a higher premium to compensate for the liquidity crunch and supply glut," he added.

Indian states will raise over 401 billion rupees through a debt sale on Tuesday, followed by 540 billion rupees of issuances next week, as per schedule.

The supply is unlikely to be fully absorbed and yields on these bonds are expected to rise further, traders have said, especially as banking system liquidity remains in a deficit, which could widen amid tax outflows this week.

The deficit was around 2 trillion rupees, as of March 16, with the shortfall persisting for the last three months.

Corporate bond issuances had moderated due to a liquidity crunch but the central bank's liquidity measures have helped NBFCs - which have been under pressure for the last few months - to raise capital from the debt market, said Suresh Darak, founder of Bondbazaar, an online bond trading platform.

He anticipates limited impact on high-rated corporate bonds.

"Given that most provident and pension funds have likely exhausted their allocations for the fiscal year, the absorption capacity for this supply could be constrained," Rockfort Fincap's Srinivasan said.

He expects that NBFCs with aggressive loan book growth may be forced to price their bonds at a modest concession to ensure full subscription, and of the total supply, around 200 billion rupees of debt could find takers.

($1 = 86.8350 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

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MUMBAI, March 12 (Reuters) - India's NTPC NTPC.NS plans to raise 40 billion rupees ($458.36 million), including a greenshoe option of 33 billion rupees, through the sale of bonds maturing in 15 years, three bankers said.

It has invited coupon and commitment bids for the issue on Tuesday, they said.

This would be the first bond issuance of the company in the current financial year.

The company did not immediately reply to Reuters email seeking a comment.

Here is the list of deals reported so far on March 12

*Size includes base plus greenshoe for some issues

($1 = 87.2680 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)

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