India's largest power producer, NTPC, is considering an investment of Rs 3-4 trillion to increase its nuclear power capacity by about 20 GW over the next 23 years. According to a source familiar with the matter, the company’s first nuclear project is planned to be jointly developed with the Nuclear Power Corporation of India Ltd (NPCIL), after which NTPC intends to pursue future projects independently.

The company aims to secure a significant portion of the clean energy portfolio by 2047, in line with the government’s Viksit Bharat (developed India) initiative, the source added.

The government recently announced that India aims to achieve 100 GW of installed nuclear power capacity by 2047. The on-going collaboration with NPCIL for the 2,800 MW Mahi Banswara project in Rajasthan is expected to begin groundwork by the end of the current financial year, according to the source. The investment for the projects is estimated to be between Rs 450-500 billion. A proposal for transferring nuclear units to a joint venture from the parent NPCIL is likely to be presented for approval soon, the source said. The government has already approved the joint venture between NPCIL and NTPC, called Anushakti Vidhyut Nigam, with NPCIL holding a 51 per cent stake.

Earlier, an NTPC official mentioned that the company would no longer be involved in the 1,400 MW Chutka Madhya Pradesh Atomic Power Project, which was also supposed to be developed jointly with NPCIL.