NTPC Limited has announced a significant investment in a Battery Energy Storage System (BESS) with a total capacity of 4.70 GWh. The project, approved by the company’s Board of Directors on 28th March 2026, is estimated to cost ₹5,821.90 crore.
In addition to the BESS project, NTPC has also committed an additional equity investment of ₹3,173.67 crore in Meja Urja Nigam Private Limited (MUNPL), a joint venture with Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL). This investment is aimed at setting up the Meja Super Thermal Power Project Stage-II, which will have a capacity of 3×800 MW. With this additional investment, NTPC’s total equity commitment in MUNPL will reach ₹5,000 crore. The release of this additional equity is contingent upon receiving a proportionate equity contribution from UPRVUNL.
MUNPL, which currently operates Meja Stage-I with a capacity of 2×660 MW, is a 50:50 joint venture between NTPC and UPRVUNL. The proposed expansion through Stage-II will maintain the existing ownership structure, subject to the signing of a Supplementary JV Agreement between the two partners. NTPC’s equity issuance to MUNPL will be in the form of a subscription to MUNPL’s rights issue.
The transaction with MUNPL is classified as a related party transaction, although it does not fall within the ambit of a Related Party Transaction under SEBI (LODR) Regulations, 2015. The power generation industry, to which MUNPL belongs, is expected to benefit from this capacity expansion, with the project completion anticipated by 2029-30.
MUNPL, incorporated on 2nd April 2008, has shown consistent growth in its turnover over the past three years, with figures of ₹5,099 crore in FY 2024-25, ₹4,242 crore in FY 2023-24, and ₹3,810 crore in FY 2022-23.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).