New Delhi: NTPC Ltd, India’s largest power producer, is planning to develop 50 GW of nuclear power capacity by 2047, according to a research note by JM Financial following a management interaction with NTPC Chairman and Managing Director Gurdeep Singh and Director (Finance) Jaikumar Srinivasan.
The proposed 50 GW target would account for half of India’s broader 100 GW nuclear capacity objective for 2047. However, NTPC’s previously disclosed official target was 30 GW by 2047, so the 50 GW figure represents a newer target reported from the JM Financial management interaction rather than the company’s earlier formal guidance.
Nuclear Power Emerges as Major Long-Term Growth Area
According to JM Financial, nuclear energy has emerged as one of NTPC’s key long-term growth options as the company looks to add clean, non-intermittent baseload power to its portfolio.
The brokerage said NTPC is engaging with multiple international technology providers while also developing its own technical capabilities in the nuclear sector.
NTPC has already established a nuclear subsidiary and is pursuing nuclear projects through its joint venture with Nuclear Power Corporation of India Limited (NPCIL). The company is also developing the 2.8 GW Mahi Banswara Rajasthan Atomic Power Project through ASHVINI.
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NTPC Plans Cost-Plus Model for Nuclear Projects
Given the high capital requirements and long development periods associated with nuclear projects, NTPC indicated that its nuclear developments are expected to follow a cost-plus economic model, according to the JM Financial note.
The ultimate scale of the nuclear programme will also depend on the willingness of states to support demand for the additional power.
The approach is intended to address the financial challenges associated with the substantial upfront investment and long gestation periods of nuclear power projects.
NTPC Evaluates Small Modular Reactor Technologies
NTPC is also evaluating Small Modular Reactor (SMR) technologies as part of its broader nuclear strategy.
However, the company is taking a cautious approach towards SMRs. According to JM Financial, NTPC management noted that the earlier global enthusiasm surrounding SMRs has not yet translated into widespread commercial deployment.
The company is therefore assessing the technology while continuing to evaluate conventional and advanced nuclear options.
NTPC Balances Strategic Priorities with Project Returns
According to the brokerage’s account of the management interaction, NTPC sees nuclear development as a strategic priority for a public sector enterprise.
The company indicated that fulfilling strategic objectives can remain important even when another project may theoretically offer a higher Internal Rate of Return (IRR).
This approach reflects the broader role of NTPC in supporting India’s long-term energy security and transition towards a diversified power generation mix.
NTPC Has 37 GW Pipeline Across Multiple Power Sources
Alongside its nuclear expansion plans, NTPC is working on a broader 37 GW project pipeline covering multiple sources of electricity generation.
The pipeline includes:
- Coal-based power projects
- Hydroelectric projects
- Renewable energy projects
- Nuclear power development
The company continues to view thermal power generation as an important near-term earnings driver, supported by power purchase agreements (PPAs) and regulated returns, according to the JM Financial assessment.
NTPC’s Nuclear Strategy Continues to Expand
NTPC’s nuclear plans form part of its wider diversification strategy as India seeks to expand nuclear capacity to 100 GW by 2047. The company has been building capabilities through ASHVINI, its joint venture with NPCIL, and NTPC Parmanu Urja Nigam Limited, its wholly owned nuclear subsidiary.
The Mahi Banswara project in Rajasthan, comprising four 700 MW units, is currently a key project in NTPC’s nuclear portfolio, with the first unit targeted for synchronization in 2032 according to company management disclosures.
About NTPC Limited
NTPC Limited is India’s largest power-generating utility and a Central Public Sector Enterprise under the Ministry of Power, Government of India. The company operates across thermal, hydro and renewable energy and is expanding into nuclear power, energy storage and other emerging areas as part of its long-term energy strategy.
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