NTPC unveils record ₹16.68 lakh crore capex plan, extends chairman's term

India's largest power producer NTPC announced a ₹16.68 lakh crore investment plan over 11 years and extended chairman Gurdeep Singh's tenure, signaling an aggressive shift toward clean energy.

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India's state-owned power giant NTPC has announced a capital expenditure plan of ₹16.68 lakh crore ($175 billion) spanning the next 11 financial years, from FY26 to FY37, marking the largest such outlay in the company's history. The investment is aimed at nearly tripling its generation capacity to 250 GW by 2037.

On the same day, the government extended the tenure of Chairman and Managing Director Gurdeep Singh by six months beyond July 31, 2026. The extension remains in effect until further orders or until a successor is appointed. Singh has led NTPC since 2016.

The capex is structured in three phases. For FY26-27, ₹1.08 lakh crore has been allocated, of which ₹56,000 crore has already been spent. Between FY28 and FY32, ₹5.97 lakh crore will be directed largely toward renewable energy projects. The final phase, FY33 to FY37, sees ₹9.63 lakh crore earmarked primarily for nuclear power development.

"If we consider up to FY37, almost in the next 10 years we are going to incur around ₹16.68 lakh crore. That is the kind of size of the investment," Singh said.

NTPC's renewable energy capacity is set to grow from the current 12 GW to 60 GW by FY32 and 136 GW by FY37. The company is also developing a 38.9 GWh battery energy storage pipeline and has ambitions for more than 80 GW of pumped-storage projects.

"Renewable energy, of course, would be the key driver of NTPC's future growth," Singh noted.

In the nuclear segment, NTPC aims to build 30 GW of capacity by 2047. Site studies are already underway in 10 states, including Andhra Pradesh, Gujarat, Maharashtra, and Tamil Nadu. Singh described nuclear power as the next growth driver after FY32.

Historically, NTPC's annual capex has been around ₹35,000-40,000 crore, making the new plan a significant ramp-up in spending.