Companies

NTPC revises its RE targets to 60 GW by 2030

Our Bureau New Delhi | Updated on September 28, 2021

GURDEEP SINGH, Chairman and Managing Director, NTPC   -  THE HINDU

The board recommended a final dividend of 31.50%; announces buyback of 2% of paid-up capital in FY21

In line with the government’s target of 450 GW of renewable energy (RE) capacity by 2030, NTPC Ltd has also revised its RE targets to 60 GW from 30 GW by 2030, the company’s Chairman and Managing Director Gurdeep Singh said on Tuesday at the 45th annual general meeting (AGM).

“NTPC REL has received approval from the Ministry of New and Renewable Energy for setting up of 4,750 MW renewable energy park in Rann of Kutch in Gujarat. Approval has also been received from Madhya Pradesh government for development of solar plant in the land acquired for a coal-based plant. Additionally, discussions are also in progress with various State governments for allocation of land parcels and water bodies. With all these, activities have commenced for reaching the targeted capacity addition,” Singh added.

Meanwhile, Singh also informed that the Board has recommended a final dividend of 31.50 per cent of paid-up capital i.e ₹3.15 per share in FY21, subject to approval of shareholders at the AGM in addition to the interim dividend of 30 per cent of paid-up capital.

“This is the 28th consecutive year that the company has paid dividend,” he said. He further added that, additionally, for the first time, the company has undertaken buyback of 2 per cent of paid-up capital in FY21.The company has delivered robust financial performance by registering highest ever profit of ₹13,769.52 crore in FY21, an increase of 36.16 per cent over the previous year, he said.

“Indian power sector is evolving at a fast pace and the power demand is increasing rapidly. The country recently witnessed all-time high peak demand of 200.57 GW and energy met of 4508 MU in a day on July 7, 2021. The country also registered a generation growth of over 13 per cent till September 26, 2021. The growth in demand augurs well for the company. These numbers coupled with ‘Atmanirbhar Bharat’ initiative indicate that there is huge potential in the power sector going forward,” Singh stated.

“In FY21, we have spent around ₹419 crore towards various CSR activities. It gives me immense pleasure to share with you that the company has partnered with the Archery Association of India since 2018. The Indian archers have won seven gold medals and one bronze medal in the world cup held at Paris. They also represented India at Olympic Games Tokyo 2020 and Paralympic Games Tokyo 2020,” he further said.

Published on September 28, 2021

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