NTPC Green Energy Limited has officially declared the commercial operation of the fifth part capacity of 37.925 MW from its 300 MW Khavda Solar Energy Project in Gujarat. The company filed the mandatory disclosure under Regulation 30 of SEBI Listing Regulations on December 17, 2025, with the commercial operation effective from 00:00 hours of December 18, 2025.

Project Details and Capacity Addition

The newly operational capacity forms part of the 300 MW Khavda Solar Energy Project located in Gujarat under the 450 MW Hybrid Tranche V Project. NTPC Renewable Energy Limited, a wholly owned subsidiary of NTPC Green Energy Limited, is executing this project. The following table summarizes the key project parameters:

Impact on Group Capacity

With this addition, NTPC Green Energy Limited Group's current commercial capacity has reached 7,889.335 MW, while the total installed capacity of the NGEL Group has increased to 7,927.26 MW. More significantly, the total installed and commercial capacity of the entire NTPC group has now reached 85,541 MW, marking a substantial milestone in the company's renewable energy expansion.

Regulatory Compliance and Documentation

The disclosure was filed by Company Secretary and Compliance Officer Manish Kumar on behalf of NTPC Green Energy Limited. The notification was submitted to both the National Stock Exchange of India Limited (Scrip Code: NTPCGREEN) and BSE Limited (Scrip Code: 544289) in compliance with SEBI regulations.

NTPC Limited, as the parent company, also filed a corresponding disclosure through Executive Director (Finance) Aditya Dar, informing stakeholders about this development by its step-down subsidiary. The parent company trades on NSE under the symbol NTPC and on BSE with scrip code 532555.

Strategic Significance

This capacity addition represents NTPC's continued commitment to expanding its renewable energy portfolio through its subsidiary NTPC Green Energy Limited. The Khavda Solar Energy Project is part of a larger hybrid project strategy that combines solar and other renewable technologies to optimize power generation efficiency and grid stability.

Refex Industries Limited has received a demand order from tax authorities totaling ₹35.29 lakh for the financial year 2021-22. The company disclosed this development to stock exchanges on December 16, 2025, pursuant to regulatory requirements under SEBI listing obligations.

CGST Demand Order Details

The Assistant Commissioner, CGST Central Excise, Raipur issued the demand order on December 15, 2025, under Section 73 of the CGST Act, 2017. The order imposes both tax and penalty components for alleged violations during FY2021-22.

Nature of Alleged Violation

The demand order alleges short payment of Reverse Charge Mechanism (RCM) liability based on figures reflected in the auto-populated GSTR-2A. The tax authorities have identified discrepancies in the company's GST compliance for the specified financial year.

According to the company's assessment, the alleged RCM liability has arisen due to erroneous filing of GST returns by one of its suppliers. The transaction in question pertains to an exempt supply, for which no tax is payable under RCM, and consequently, the supplier was not required to report the same in GST returns.

Company's Response and Impact Assessment

Refex Industries believes the demands are not maintainable and has indicated its intention to prefer an appeal against the order within the prescribed time period. The company's management has assessed that the demanded amount, along with interest and penalty, will not have any material impact on the company's financials.

The management further stated that the demand order will not affect the company's operational activities or other business functions.

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notification was sent to both BSE Limited and National Stock Exchange of India Limited, ensuring transparency with stakeholders regarding this regulatory development.

Refex Industries operates from its registered office in Chennai, Tamil Nadu, and maintains manufacturing facilities in the same state. The company continues its business operations while addressing this tax-related matter through appropriate legal channels.