NTPC

NEW DELHI, Jan 27 (Reuters) - India will stop setting annual targets for clean energy tenders after missing last year's goal and building up a large backlog of projects without buyers, a senior government official said.

Indian developers are already sitting on the rights to build around 43 gigawatts of renewable power for which they have yet to find customers. State utilities have delayed buying clean power, expecting prices to fall and citing uncertainty over power delivery due to delays in transmission infrastructure.

India's clean energy ministry has asked renewable implementation agencies to find buyers for the power from those tenders, Reuters reported in November.

"As per their (implementation agencies') initial evaluation, they are still confident that they will be able to sell quite a lot of power out of that (backlog)," Santosh Kumar Sarangi, a top official at the Ministry of New and Renewable Energy, told Reuters in an interview.

Sarangi said less than half of the unsold capacity may be cancelled.

Against this backdrop, the government plans to change how clean energy tenders are issued, moving away from fixed annual targets. Instead, new tenders will be floated only after assessing demand from state power utilities, Sarangi said.

India had initially planned to auction about 50 GW of new clean energy capacity last year but ended up tendering only around 15 GW, after auctioning about 50 GW each in 2023 and 2024.

Despite the slowdown, Sarangi said India remains on track to meet its target of 500 GW of non-fossil fuel power capacity by 2030. The country added about 38 GW of clean energy capacity in 2025.

"We are not looking at a figure because we have pending bids that need to be finalised," Sarangi said, adding that agencies are engaging with state governments to assess demand.

The Ministry of New and Renewable Energy may also consider changes to the structure of renewable energy implementation agencies, he said.

Power producers NTPC NTPC.NS, NHPC NHPC.NS and SJVN SJVN.NS, which also act as federal renewable tendering agencies, could be relieved of that role, potentially leaving the Solar Energy Corp of India (SECI) as the main agency handling clean energy tenders.

The power producers have asked the government to relieve them from their role as implementation agencies and the government is evaluating the requests, the official said.

Among these agencies, NHPC has the largest volume of unsold tenders at about 15.8 GW, while SECI has the smallest at around 3.9 GW, according to a power ministry document reviewed by Reuters.

(Reporting by Sethuraman NR; editing by Mayank Bhardwaj)

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Jan 23 (Reuters) - PTC India Ltd PTCI.NS:

• NTPC TO BECOME SOLE PROMOTER OF CO

Source text: ID:nBSE8hKTLQ

Further company coverage: PTCI.NS

(([email protected];))

Jan 16 (Reuters) - NTPC Ltd NTPC.NS:

• NTPC - DECLARATION OF COD OF THIRD PART CAPACITY OF 37.5 MW SOLAR

Source text: ID:nBSEbzjK

Further company coverage: NTPC.NS

(([email protected];))

Jan 15 (Reuters) - NTPC Ltd NTPC.NS:

• NTPC - 300MW OF BHADLA SOLAR PV PROJECT DECLARED OPERATIONAL

Source text: ID:nBSE1pVsXs

Further company coverage: NTPC.NS

(([email protected];))

Jan 2 (Reuters) - NTPC Ltd NTPC.NS:

• HAS NOT ENTERED INTO ANY AGREEMENT FOR PARTNERSHIP WITH CCTE

Source text: ID:nBSEbyxfFY

Further company coverage: NTPC.NS

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By Saurabh Sharma

NEW DELHI, Dec 31 (Reuters) - Two monorail trains collided at a hydropower plant being built in India's northern state of Uttarakhand late on Tuesday and at least 109 workers were injured, a district official told Reuters.

Most of the workers sustained minor injuries, said the official. Four suffered fractures.

The trains collided inside a tunnel in Pipalkoti, the site of an upcoming hydropower project by Tehri Hydro Development Corp (THDC), owned in part by NTPC Ltd NTPC.NS.

Gaurav Kumar, the top administrative officer in the area, told Reuters by telephone that the accident occurred on Tuesday night after the brakes of one of the monorail trains failed.

The trains were being used to ferry workers and carry construction material.

Kumar said the tracks had been cleared and that work on the project would resume on Wednesday.

Hydropower accounts for about 51 gigawatts of India's installed power capacity of about 505 gigawatts, with Uttarakhand home to more than 10 operating hydropower plants with about 2.0 gigwatts capacity and several projects under construction.

(Reporting by Saurabh Sharma; Editing by Raju Gopalakrishnan)

(([email protected];))

Dec 30 (Reuters) - NTPC Ltd NTPC.NS:

• DECLARATION OF COD FOR 13.98 MW KHAVDA-I SOLAR PV PROJECT

Source text: ID:nNSE6zq68y

Further company coverage: NTPC.NS

(([email protected];;))

By Dharamraj Dhutia and Khushi Malhotra

MUMBAI, Dec 5 (Reuters) - A rate cut and easy monetary policy guidance by India's central bank lifted bonds on Friday, triggering $2.7 billion of issuance from state-run companies and lenders, bankers said.

Four state-run firms - REC RECM.NS, Housing and Urban Development Corp HUDC.NS, Power Finance Corp PWFC.NS and NTPC NTPC.NS - and two state-run lenders Indian Bank INBA.NS and Bank of India BOI.NS will raise an aggregate of 240 billion rupees (about $2.7 billion) in the next two weeks, the bankers said.

The Reserve Bank of India cut its key repo rate by 25 basis points and left the door open for further easing as it boosted banking system liquidity by $16 billion in the next two weeks.

This pushed the 10-year government bond yield down 2-3 basis points and 15-to-40 year yields down 7-8 bps, boosting appetite for long-term corporate bonds, the supply of which has been low.

"With policy clarity and a steady rate environment, many long-term investors are keen to lock in yields and diversify duration. As a result, well-rated public sector issuers are likely to see robust appetite for their upcoming bond placements," Vineet Agrawal, co-founder of Jiraaf, a bond trading platform, said.

Indian firms have raised 10.07 trillion rupees through bonds in January-November, and supply for 2025 is set to hit a record.

PFC will aim to raise 35 billion rupees through 15-year bonds, while NTPC could raise 30 billion rupees through 10-year or 15-year papers, the bankers, who declined to be named as they are not authorised to speak to media, said.

HUDCO and REC are likely to raise up to 50 billion rupees each through 10-year deep-discount bonds, they said.

Bank of India aims to raise 30 billion rupees, while Indian Bank will look to raise 50 billion rupees through Basel III-compliant tier II bonds, according to the bankers.

The firms did not reply to Reuters' emails seeking comment.

Bankers said that with the trajectory of yields seen downwards, insurance companies are expected to participate strongly in bidding for these AAA-rated papers.

"We continue to see room for an additional 25-basis-point repo rate cut," said Sachin Bajaj, executive vice president and chief investment officer at Axis Max Life Insurance.

($1 = 89.9480 Indian rupees)

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

(([email protected];))

By Sethuraman N R

Nov 4 (Reuters) - India's power ministry has asked the country's renewable energy implementation agencies (REIA) to explore signing power purchase agreements with clean energy developers for projects without a buyer, according to a ministry document reviewed by Reuters.

About 50 gigawatts of clean energy projects have been unable to come online due to unfinished transmission lines and legal and regulatory delays, Reuters reported in August, resulting in state power utilities delaying signing purchase agreements.

REIAs are intermediaries that act as traders, aggregating power from various generators and selling it to the buyer.

Typically, power purchase agreements are signed between an REIA and a developer based on agreements signed between the REIA and the end-buyer.

According to the document, the ministry has directed REIAs to sign agreements directly with the developer, bypassing the buyer-side agreement, or, alternatively, cancel the tenders as a last resort.

The ministry issued the directive following a high-level meeting chaired by India's Power Secretary on October 17. The meeting included officials from power generating firms NTPC NTPC.NS, NHPC NHPC.NS, SJVN SJVN.NS as well as the Solar Energy Corporation of India (SECI), all designated as REIAs.

The power ministry and the REIAs did not immediately respond to Reuters' email seeking comment.

The agencies have been asked to act by November 30.

STRANDED PROJECTS

The decisions come as India attempts to streamline its renewable energy procurement framework and address bottlenecks in project execution as part of the country's push to double its non-fossil fuel power capacity to 500 GW by 2030.

Of the 93 GW of renewable capacity tendered since fiscal year 2024, about 42 GW are without buyers, according to data shared during the meeting, the document showed.

NHPC had 15.8 GW of projects, the highest number of clean energy projects without a buyer, while NTPC had 12.4 GW worth stranded clean energy projects.

SJVN had 10 GW, and SECI had 3.9 GW, as per the document.

SECI, the largest REIA in the country, had already cancelled tenders for projects unlikely to secure buyers, according to the document.

(Reporting by Sethuraman NR; Editing by Janane Venkatraman)

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

** NTPC Green NTPG.NS rises 3.7% to 107.43 rupees; set for steepest one-day pct gain in 2 months

** Co commissions additional 100 MW in Icron JV , bringing total operational capacity to 400 MW; total planned capacity is 500 MW

** IRCON Renewable, a JV between Ayana Renewable and Ircon with a 76:24 holding, will partly commence operations from September 17

** ONGC NTPC Green Private, a 50:50 JV between ONGC ONGC.NS and NTPC Green, acquired Ayana Renewable Power earlier this year

** NTPG falls 16% YTD

(Reporting by Urvi Dugar)

(([email protected]))

** Shares of NTPC NTPC.NS rise 2% to 332 rupees

** HSBC upgrades power producer's rating to "buy" from "hold", raises PT to 400 rupees from 385 rupees, implying 22.8% upside from last close

** Says co is at the forefront of power management and generation, with the latest in the repository being battery and nuclear

** Adds that more than half of the firm's 7 trillion rupees ($79.2 billion) planned capex by 2032 is under a regulated tariff mechanism, providing superior long-term earnings certainty

** Highlights that thermal execution delays are getting sorted, with two thermal plants (1.3GW) commissioned and another 1.4GW likely by end-FY26

** NTPC rated "buy" by 24 analysts on average; median target price is 433 rupees – data compiled by LSEG

** Stock down 0.3% YTD

($1 = 88.3400 Indian rupees)

(Reporting by Rudra Pratap Singh in Bengaluru)

(([email protected]))

By Sudarshan Varadhan and Sethuraman N R

SINGAPORE/NEW DELHI, Sept 4 (Reuters) - Coal prices in India will fall after revisions to taxes on the fuel that generates nearly 75% of the country's electricity, industry officials and analysts said, as a higher consumption tax is offset by the removal of a carbon levy.

That could push up domestic consumption at the expense of imports, they said, putting further pressure on already plunging global coal prices.

India's finance minister hiked consumption levies on coal to 18% from 5% on Wednesday. However, buyers no longer have to pay a flat carbon tax of 400 Indian rupees ($4.57) a metric ton, known as a cess.

"We anticipate an increase in demand for locally mined coal as the elimination of the cess makes it cheaper despite the higher consumption tax," said Ashis Kumar Pradhan, senior analyst at consultancy Wood Mackenzie.

Prices of power plant-grade fuel sold by Coal India COAL.NS, which produces three-quarters of Indian output, will now be 8.1%-19.8% cheaper for utilities and 5.6%-16.7% cheaper for other users such as smelters, according to Reuters calculations based on Coal India and Wood Mackenzie data.

The calculations tallied with estimates provided by the Coal Consumers Association of India to Reuters.

India is the world's second largest coal importer behind China, but imports are expected to fall as the price of grades typically shipped in from top supplier Indonesia will be 3.5% higher after the tax change, Pradhan said.

The lower effective taxes on coal are expected to help generators burning the fossil fuel to cut costs by 0.12 rupees per kilowatt hour, said Vikram V, analyst at Moody's ICRA unit.

That compares with ICRA's estimates of a 0.10 rupee per kWh decline in generation costs for solar power developers following a cut in tax rates on panels to 5% from 12%.

Coal India and the federal ministries for finance, power and coal did not respond to requests for comment.

The move will also benefit power producers and help revive plunging sales by state-run Coal India, which has grappled with tepid power demand and a rise in renewable power generation.

Ashok Khurana, vice chairman at India's Association of Power Producers, said the decision would help reduce generating costs.

"However its impact on consumer tariffs would depend on distribution companies," he added.

The move could result in lower tariffs if distribution companies pass on reduced procurement costs to consumers.

If the costs are not passed on, it could help improve the finances of debt-laden, state government-owned distribution companies, Khurana said.

($1 = 87.5060 Indian rupees)

(Additional reporting by Nikunj Ohri in New Delhi; Editing by Jan Harvey)

(([email protected]; +65 91164984;))

By Sethuraman N R

NEW DELHI, Sept 3 (Reuters) - India will test the installation of battery storage systems at some coal power plants, as the country grapples with integrating massive solar capacity while maintaining reliable electricity supply, an advisor to the country's power ministry said.

The concept addresses a critical challenge facing India's power grid, where thermal plants must ramp down during peak solar hours but maintain capacity for evening demand when solar generation drops.

The Central Electricity Authority (CEA) has been working on guidelines for coal-based power plants and technical minimum load requirements as the country rapidly expands renewable energy capacity.

India is aiming to expand its non-fossil fuel capacity to 500 GW by 2030, but coal remains central to its energy security. The government plans to increase coal-based capacity by 97 GW by 2035, taking the total to around 307 GW to ensure round-the-clock power.

"At times there are only two choices. Either you shut down the coal plant (during excess solar generation) or lose the thermal capacity in the evening, which we don't want," CEA chairman Ghanshyam Prasad told Reuters on the sidelines of PowerGen India 2025 event in New Delhi.

"We are just trying this as an experiment," he said, adding that the country's top coal power generator NTPC NTPC.NS had been tasked with testing this at some plants and given funding support.

The batteries would allow the coal plants to capture excess energy and dispatch it to the grid at a later point when needed, allowing the plants to operate at a stable rate, saving costs and extending their lives, CEA's Prasad said.

Recently, NTPC floated a tender for setting up of 1.7 GW of battery storage across 11 coal plants.

(Reporting by Sethuraman NR; editing by Philippa Fletcher)

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

By Sethuraman N R

NEW DELHI, Sept 2 (Reuters) - NTPC Ltd NTPC.NS, India's largest coal power generator, has raised concerns that operating coal-fired power plants at a reduced load could significantly shorten the lifespan of its units.

The Central Electricity Authority (CEA), the country's de facto advisor for the power ministry, has recommended lowering the technical minimum — the lowest level at which a thermal plant can run reliably — to 40% of its installed capacity to help accommodate rising renewable energy generation.

The CEA plans to implement this from next year.

This shift is part of India's broader strategy to integrate more solar and wind power into the grid while maintaining round-the-clock supply.

However, NTPC’s Director of Operations Ravindra Kumar said that sustained operation at such low levels could accelerate wear and tear, especially in boilers and turbines designed for higher loads.

"If we operate at that level for long periods, the expected life of a plant — typically 25 years — could be cut by a third or even more," Kumar said on the sidelines of Powergen India event in New Delhi on Tuesday.

NTPC has opted to set its own technical minimum at 55%, which Kumar said offered a safer balance between flexibility and asset durability.

Responding to such concerns, CEA Chairman Ghanshyam Prasad said that studies have demonstrated the feasibility of operating at 40%, provided certain upgrades are made.

"If those (retrofitting) investments are made, the machines can run at lower loads. But it will affect efficiency, and that’s where compensation mechanisms should be considered," Prasad said.

India is aiming to expand its non-fossil fuel capacity to 500 GW by 2030, but coal remains central to its energy security.

The government plans to increase coal-based capacity by 97 GW by 2035, taking the total to around 307 GW, to ensure reliable supply during periods when renewable output dips.

(Reporting by Sethuraman NR
Editing by Bernadette Baum)

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

Updates with more details from executive in paragraphs 5, 7-8, background in paragraph 6, 9

NEW DELHI, Aug 28 (Reuters) - India's National Aluminium Company (NALCO) NALU.NS will invest a total of 300 billion rupees ($3.43 billion) in a new smelter and a coal power plant over the next five years, Chairman and Managing Director Brijendra Pratap Singh said on Thursday.

The state-run aluminium producer will budget roughly 180 billion rupees to set up the proposed smelter in the eastern Indian state of Odisha, Singh told reporters in New Delhi.

The project will be funded through a mix of debt and internal accruals, he added.

The remaining 120 billion rupees will be used to set up a coal power plant, for which it is in talks with Coal India COAL.NS and NTPC NTPC.NS, Singh said.

Singh said NALCO was also looking to acquire new mines in the country to dig up coal and bauxite, the ore from which aluminium is produced.

It already operates bauxite mines and an alumina refinery in the state of Odisha.

The firm is also conducting eligibility studies at five mines in Argentina for lithium, a mineral used in making batteries for electric vehicles, Singh said.

Through its joint venture Khanij Bidesh India Limited (KABIL) - inked with Hindustan Copper HCPR.NS and Mineral Exploration and Consultancy Limited - NALCO is also looking at equity investments in Australian lithium assets, he added.

India has been forming global partnerships to gain access to lithium mines.

($1 = 87.5060 Indian rupees)

(Reporting by Sethuraman N R, writing by Hritam Mukherjee, Editing by Anil D'Silva)

(([email protected]; X: @MukherjeeHritam;))

** Shares of NTPC NTPC.NS rise 2.3% to 342.65 rupees

** CLSA says India's largest power producer is boosting capacity by 15% and fast-tracking its clean energy shift, setting a higher benchmark for growth after its annual analyst meet

** India's energy security and net-zero plans represent a decadal growth opportunity for NTPC -- CLSA

** Brokerage maintains "outperform" rating with a price target of 459 rupees, an implied upside of 37% from current levels; Says there is scope for NTPC stock to outrun PT within 12 month period

** Average rating of 24 analysts tracking NTPC is "buy"; median target price is 433 rupees, data compiled by LSEG shows

** NTPC shares up 0.5% YTD, lagging the Nifty 50's .NSEI 6% rise, exchange data shows

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

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)

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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)

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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)

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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

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