NHPC Limited has been notified by the Ministry of Corporate Affairs (MCA) that the hearing date for its scheme of amalgamation with wholly-owned subsidiary Jalpower Corporation Limited is fixed for August 25, 2026. This development marks a procedural milestone in the consolidation process, where NHPC Limited acts as the Transferee Company and Jalpower Corporation Limited serves as the Transferor Company. The hearing is scheduled under Section 230-232 of the Companies Act, 2013, which governs compromises, arrangements, and amalgamations.

The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. This notification follows an earlier intimation sent to stakeholders on September 29, 2025. The MCA’s scheduling of the hearing indicates that the initial scrutiny of the scheme documents has been completed, moving the process toward judicial approval.

Key Details of the Amalgamation

The scheme involves the merging of Jalpower Corporation Limited into its parent entity, NHPC Limited. As a wholly-owned subsidiary, Jalpower’s assets and liabilities will be absorbed by NHPC upon approval of the scheme. This structure is typical for corporate simplification, allowing the parent company to streamline operations and reduce administrative overheads associated with holding subsidiaries.

Procedural Context

The amalgamation process requires approval from both the National Company Law Tribunal (NCLT) and shareholders. The hearing on August 25, 2026, will likely involve final arguments or procedural checks before the NCLT passes an order approving the scheme. Once approved, the merger will become effective as per the terms laid out in the court order.

What the Numbers Show

While this filing does not disclose financial metrics such as revenue or profit impacts, the structural consolidation itself has balance sheet implications. By absorbing a wholly-owned subsidiary, NHPC eliminates inter-company transactions and balances from its consolidated financial statements, potentially simplifying its reporting structure. The absence of minority interests in Jalpower Corporation Limited suggests that the transaction will not result in any goodwill impairment or gain on bargain purchase typically associated with partial acquisitions. The primary benefit remains operational efficiency and reduced compliance costs associated with maintaining a separate legal entity for the subsidiary.

NHPC Limited expanded its renewable energy portfolio by adding 1,850 MW of capacity during FY26, driven by significant hydro and solar project completions. The hydropower utility submitted its Business Responsibility and Sustainability Report (BRSR) for the financial year ended March 31, 2026, disclosing that 1,550 MW of hydro capacity came online from the Parbati-II (800 MW) and Subansiri Lower (750 MW) projects. Additionally, the company commissioned 300 MW of solar capacity. This expansion supports NHPC’s long-term target of achieving 38,500 MW by FY2033–34 and becoming a 50,000 MW entity by 2047. With 9,454 MW of renewable energy projects currently under construction, the firm is accelerating its transition toward a diversified clean energy mix while maintaining operational safety with zero fatalities for the third consecutive year.

The report was filed pursuant to Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. JointValues ESG Services Pvt. Ltd. provided independent reasonable assurance on the nine core attributes of the BRSR Core format, adhering to the International Standard on Assurance Engagements (ISAE) 3000 (Revised). Disclosures cover standalone operations across all commissioned power stations, corporate offices, and regional offices in India. The assurance process included substantive testing of sustainability indicators and analytical procedures to verify data reasonableness against historical trends.

Environmental Performance and Resource Efficiency

NHPC reported a significant improvement in its environmental footprint during FY26. Renewable energy consumption as a share of total energy consumption rose to 79.4% from 73.7% in the previous year. Total energy consumed increased to 12,33,803 GJ from 9,54,671 GJ in FY25, reflecting higher operational activity. However, emission intensity declined; Scope 1 and Scope 2 emission intensity per rupee of turnover adjusted for Purchasing Power Parity (PPP) stood at 0.0000085447 MtCO2e per International Dollar, down from 0.000010461621 MtCO2e per International Dollar in FY25.

Total waste generated dropped sharply to 2,395.55 MT in FY26 from 25,790.47 MT in FY25, primarily due to reduced construction and demolition waste as major projects transitioned to operations. Water consumption totaled 4,08,300 KL, with water intensity per rupee of turnover adjusted for PPP at 0.0000804088 kL/Int. Dollar. The company initiated the Green Credit Program in Gujarat, depositing ₹1,520.44 lakh with the Indian Council of Forestry Research and Education (ICFRE) for afforestation activities, though eligibility to claim credits remains post-2029.

Workforce Safety and Inclusive Procurement

Safety remained a core priority, with NHPC recording zero fatalities and zero permanent disabilities among employees and workers. Well-being expenditure accounted for 2.12% of total revenue, up from 2.04% in FY25. The workforce comprised 3,876 employees and 8,592 workers, with female representation at 10% among employees and 12% among workers. Gross wages paid to females constituted 9.72% of total wages. One complaint was filed under the Sexual Harassment of Women at Workplace Act, 2013, which was resolved with zero complaints upheld.

Inclusive procurement practices strengthened, with purchases from Micro and Small Enterprises (MSEs) reaching ₹431.14 crore, or 60.73% of the total eligible procurement value of ₹709.89 crore. Within this, SC/ST-owned MSEs received ₹38.99 crore (5.49%) and women-owned MSEs received ₹32.65 crore (4.60%). All inputs were sourced domestically. Corporate Social Responsibility (CSR) spending focused on aspirational districts, including ₹584.68 lakh in Baramulla and ₹1,175.66 lakh in Chamba, supporting healthcare, education, and infrastructure development.

Governance and Stakeholder Engagement

NHPC’s governance framework includes a Committee of Directors on CSR & Sustainability, comprising six members as of March 31, 2026. The company reported no cases of bribery or corruption. Grievance redressal mechanisms resolved 100% of community complaints (200 filed) and investor grievances (44 filed). Shareholder complaints totaled 74, all resolved satisfactorily. Accounts payable days increased to 89.71 from 81.03 in the previous year. The Board approved policies covering all nine principles of the National Guidelines on Responsible Business Conduct (NGRBC), with regular reviews conducted on a need-based frequency. No human rights violations were reported during the year.