NTPC Limited has approved a major investment in energy storage and a significant equity infusion into its joint venture, reinforcing its capacity expansion strategy and commitment to grid stability. The decisions were taken at the company’s Board meeting held on March 28, 2026.
The Board has cleared an investment proposal for a Battery Energy Storage System (BESS) with a total capacity of 4.70 GWh, entailing an estimated project cost of ₹5,821.90 crore. This move is aligned with NTPC’s broader strategy to strengthen renewable integration and enhance energy reliability.
In addition, NTPC has approved an equity investment of ₹3,173.67 crore in Meja Urja Nigam Private Limited (MUNPL), its 50:50 joint venture with Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited. The funding will support the development of the Meja Super Thermal Power Project Stage-II, which will comprise three units of 800 MW each. Following this infusion, NTPC’s total equity commitment in MUNPL will reach ₹5,000 crore, subject to proportional equity contribution from UPRVUNL.
MUNPL, which currently operates the Meja Stage-I project (2×660 MW), reported a turnover of ₹5,099 crore in FY 2024–25. The proposed expansion is expected to significantly enhance its generation capacity while maintaining the existing ownership structure between the two partners.
The transaction involves NTPC subscribing to the rights issue of MUNPL and will be executed through cash consideration. While categorized as a related party transaction, it does not fall within the ambit of such transactions under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The Meja Stage-II project is targeted for completion by FY 2029–30 and is expected to play a key role in meeting rising power demand. No additional regulatory approvals are required for the transaction.
