India’s largest integrated power utility NTPC Ltd has approved a major investment plan aimed at strengthening its energy portfolio, including a significant push into battery storage and thermal power capacity expansion. The decisions were cleared at the company’s Board meeting held on March 28, 2026.
₹5,821.90 crore investment in battery energy storage
The Board has approved an investment proposal for setting up a Battery Energy Storage System (BESS) with a total capacity of 4.70 GWh, at an estimated cost of ₹5,821.90 crore. The move marks a strategic step towards enhancing grid stability and supporting renewable energy integration.
Additional equity infusion in Meja JV
In a parallel decision, NTPC approved an additional equity commitment of ₹3,173.67 crore in Meja Urja Nigam Pvt Ltd (MUNPL), its joint venture with Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd (UPRVUNL). The funding will support the development of the Meja Super Thermal Power Project Stage-II (3×800 MW).
With this infusion, NTPC’s total equity commitment in MUNPL will rise to ₹5,000 crore. The release of additional equity will be subject to the receipt of proportionate funding from UPRVUNL.
Expansion without change in ownership structure
MUNPL operates as a 50:50 joint venture between NTPC and UPRVUNL and currently runs the Meja Stage-I plant (2×660 MW). The proposed Stage-II expansion (3×800 MW) will be undertaken without any change in the existing ownership structure, maintaining equal shareholding between the two partners.
The expansion is subject to the signing of a supplementary joint venture agreement between NTPC and UPRVUNL. NTPC will subscribe to the rights issue of MUNPL as part of its equity contribution.
Strengthening capacity and financial profile
The proposed transaction is expected to significantly enhance MUNPL’s generation capacity and operational scale. For FY 2024–25, MUNPL reported a turnover of ₹5,099 crore, reflecting its established presence in the thermal power segment.
Strategic outlook
The twin investments underline NTPC’s focus on diversifying its energy mix while simultaneously strengthening its base load capacity. The BESS initiative aligns with the company’s clean energy transition strategy, while the Meja expansion reinforces its commitment to meeting growing power demand.