NTPC, India's largest thermal power producer, has laid out a long-term growth strategy targeting 149 GW of installed power generation capacity by 2032 and 244 GW by 2037, fueled by cumulative capital expenditure of about Rs 16.86 lakh crore ($176.69 billion) across thermal, renewable, hydro, storage, mining and nuclear projects, Chairman and Managing Director Gurdeep Singh said on August 27.

Speaking at the state-run company's 50th Annual General Meeting, Singh said NTPC is shifting from a conventional power producer to a diversified and integrated energy company with operations spanning the energy value chain, including renewables, storage, nuclear power, mining, power trading and emerging energy technologies.

Singh said the company aims to build 60 GW of renewable capacity by 2032 as part of its broader 149 GW target. He added that the 244 GW target for 2037 reflects confidence in India's long-term electricity demand growth and NTPC's role in meeting future energy needs.

India's power demand continues to expand rapidly, driven by industrial activity, infrastructure development, urbanization, electric mobility and the growth of digital services and data centers. Peak power demand has already exceeded 270 GW and is projected to reach around 459 GW by FY36, creating significant opportunities for power producers.

NTPC Group added a record 9.6 GW of capacity during FY26, Singh said, the highest annual addition in its history, with nearly 60% coming from non-fossil fuel sources. The group's installed capacity has reached about 89 GW, while a project pipeline of nearly 35.7 GW provides visibility for sustained growth in the coming years.

The company