NTPC Limited (National Thermal Power Corporation), India's largest power generation company, has received shareholder approval for the reappointment of Gurdeep Singh as Chairman and Managing Director (CMD) for an additional one-year term. The decision, which extends Singh's tenure until July 31, 2026, was made during the company's 49th Annual General Meeting (AGM) held on August 29.

Shareholder Support and Voting Details

The resolution to reappoint Gurdeep Singh received overwhelming support from NTPC's shareholders. According to the voting results:

• 95.20% of shareholders (5,307 voters) voted in favor of the resolution
• 4.80% of shareholders (678 voters) opposed the reappointment
• A total of 9,025,002,410 votes were cast on this resolution

Background of the Reappointment

The extension of Gurdeep Singh's tenure comes after a series of events:

1. The Appointments Committee of the Cabinet had previously approved Singh's reappointment on a contract basis for one year beyond his superannuation date of July 31, 2025.

2. This decision was made after the Public Enterprise Selection Board (PESB) found none of the dozen candidates suitable for the CMD role during interviews conducted in May. The candidates included members from NTPC's board and other state-owned firms.

3. The NTPC board had approved the reappointment in its meeting on July 29.

Implications and Future Outlook

The strong shareholder support for Gurdeep Singh's reappointment suggests confidence in his leadership and the company's direction. As NTPC continues to play a crucial role in India's power sector, the extended tenure of its CMD is likely to provide stability and continuity in the company's operations and strategic initiatives.

Other AGM Resolutions

In addition to the CMD's reappointment, the 49th AGM also saw shareholders voting on several other resolutions, including:

• Adoption of financial statements
• Dividend declaration
• Appointment and reappointment of directors
• Remuneration of statutory auditors
• Appointment of independent directors
• Ratification of cost auditors' remuneration
• Appointment of secretarial auditor

All resolutions put forth at the AGM were passed with significant majority, reflecting strong shareholder engagement and support for the company's governance and operational decisions.

As NTPC moves forward under Gurdeep Singh's continued leadership, stakeholders will be watching closely to see how the company navigates the evolving energy landscape and maintains its position as a key player in India's power sector.

NTPC Limited , India's largest power generation company, has received approval for a significant cost revision for its Rammam-III Hydro Electric Power Project (HEPP). The company's Board of Directors has given the green light to a Revised Cost Estimate-I (RCE-I) of ₹2,865.56 crore for the project, marking an important update in the development of this hydroelectric power facility.

Project Details

The Rammam-III HEPP is designed with a capacity of 3 x 40 MW, indicating three units each capable of generating 40 megawatts of power. This project represents NTPC's ongoing efforts to diversify its power generation portfolio and increase its footprint in the renewable energy sector.

Board Approval and Disclosure

According to the company's disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the NTPC Board convened to discuss and approve this revised cost estimate. The meeting, which began at 6:30 p.m. and concluded at 8:45 p.m., resulted in the approval of the new budget for the Rammam-III project.

Implications for NTPC

This cost revision underscores NTPC's commitment to the Rammam-III HEPP and suggests a thorough reassessment of the project's financial requirements. The approval of a revised cost estimate often indicates adjustments to account for various factors such as changes in material costs, labor expenses, or unforeseen challenges in project execution.

Broader Context

While the LODR data provides insights into this specific project update, it's worth noting that NTPC is also making moves in other areas of its business. The same Board meeting approved a partial modification regarding the transfer of its coal mining business to its wholly-owned subsidiary, NTPC Mining Limited (NML). This strategic decision, along with the hydro project cost revision, reflects NTPC's dynamic approach to managing its diverse energy portfolio.

Financial Impact

The revised cost of ₹2,865.56 crore for the Rammam-III HEPP represents a significant investment in NTPC's hydroelectric capabilities. While the specific financial implications of this revision were not detailed in the disclosure, such updates typically aim to ensure the project's successful completion and long-term viability.

NTPC's focus on both hydroelectric power and strategic business restructuring demonstrates the company's efforts to balance its traditional thermal power operations with renewable energy initiatives, positioning itself for the evolving energy landscape in India.