NTPC Ltd is the largest power generating company in India both in terms of installed capacity and generated output. The company is engaged in the business of generation and sale of bulk power. NTPC had installed capacity of more than 51000 megawatt (MW) at end December 2017. The NTPC group contributed 24% of the total power generation in India during financial year 2016-17. NTPC was ranked 400th in the `2016 Forbes Global 2000' ranking of the World's biggest companies. The Government of India held 62.28% stake in NTPC as on 31 December 2017. NTPC has two segments: generation and other business. Their other business includes providing consultancy project management and supervision oil and gas exploration and coal mining.The company operates their stations at a level of efficiency that exceeds the average in India based upon availability factor and average plant load factor (PLF). They have developed a long term technology roadmap for the induction of high efficiency equipment including supercritical and ultra-supercritical machines at their new plants. Their subsidiaries include NTPC Electric Supply Company Ltd NTPC Hydro Ltd NTPC Vidyut Vyapar Nigam Ltd Pipavav Power Development Company Ltd Kanti Bijlee Utpadan Nigam Ltd and Bhartiya Rail Bijlee Company Ltd.NTPC Ltd was incorporated on November 7 1975 as a private limited company with the name National Thermal Power Corporation Pvt Ltd. In September 30 1976 the word 'Private' was deleted in the company's name consequent upon the notification issued by the Government of India (GoI) exempting government companies from the use of word 'private' in their name. In September 1977 the company acquired the first patch at Singrauli.In the year 1978 the company took over the management of Badarpur project. Also they commissioned the first 200MW unit at Singrauli. In December 25 1981 the fifth and last unit at 210 MW at Badapur Thermal Power Station was synchronized by NTPC making the completion of the 720 MW project. In the year 1982 the transmission line based on High Voltage Direct Current (HVDC) technology was commissioned for power transmission from Rihand to Delhi. In March 1 1983 the first 200 MW unit of Kobra Super Thermal Power project was commissioned. In November 1983 they commissioned the first 200 MW unit at Ramagudam. In September 30 1985 the company was converted from a private limited company into a public limited company. In the year 1986 they became one of the first PSUs to issue bonds in the debt market. In the year 1992 the company acquired Feroze Gandhi Unchahar Thermal Power Station (2x210MW) from Uttar Pradesh Rajya Vidyut Utpadan Nigam of Uttar Pradesh. Also the transmission systems owned by the company were transferred to Power Grid Corporation of India Ltd pursuant to legislation by the Parliament of India. In the year 1994 the Jhanor-Gandhar thermal station in Gujarat commissioned an integrated Liquid Waste Treatment Plant.In the year 1995 the company was conferred with 'Navratna' status granted by the GoI. In June 1995 the company took over the 460 MW Talcher Thermal Power Station from Orissa State Electricity Board. In the year 1998 they commissioned the first Naphtha based plant at Kayamkulam with a capacity of 350 MW. In the year 2000 they commenced construction of their first hydro-electric power project of 800 MW capacity in Himachal Pradesh.In the year 2002 the company incorporated three wholly owned subsidiaries namely NTPC Electric Supply Company Ltd NTPC Hydro Ltd and NTPC Vidyut Vyapar Nigam Ltd. They set up ESP (Electrostatic precipitators) at Talcher power plant. In October 2004 the company launched their initial public offering (IPO) consisting of 5.25% as fresh issue and 5.25% as offer for sale by Government of India. Thus the company became a listed company in November 2004 with the Government holding 89.5% of the equity share capital. In October 28 2005 the name of the company was changed from National Thermal Power Corporation Ltd to NTPC Ltd to reflect the diversification of their business operations beyond thermal power generation to include among others generation of power from hydro nuclear and renewable energy sources and undertaking coal mining and oil exploration activities. In the year 2006 Badarpur Thermal Power Station having an installed capacity of 705 MW was transferred to the company. In the year 2008 the company signed an MoU with Asian Development Bank GE Energy Financial Services USA Kyushu Electric Power Co Inc Japan and Brookfield Renewable Power Inc Canada for setting up a joint venture company for undertaking renewable power generation under public-private-partnership. In December 2008 they incorporated a joint venture company namely National Power Exchange Ltd with NHPC Ltd PFC Ltd and TCS Ltd to operate power exchange at national level.In the year 2009 the company entered into an MoU with Nuclear Power Corporation of India Ltd (NPCIL) for development of nuclear power in India. The company acquired 44.6% paid-up capital in Kerala and Transformers and Electricals Kerala Ltd from Government of Kerala at a total consideration of Rs. 313.4 million. The company signed a long term fuel supply agreement with Coal India Ltd for supply of coal to NTPC power stations for a period of 20 years. During the year the company formed a joint venture company namely Energy Efficient Services Ltd formed amongst NTPC Ltd Power Finance Corporation Ltd Powergrid Corporation of India Ltd and Rural Electrification Ltd to carry on and promote the business of Energy Efficiency and climate change including manufacture and supply of energy efficiency services and products. Also they signed a joint venture agreement with Coal India Ltd for incorporation of a company with equal equity participation for development of Brahmini & Chichro Patsimal coal mine blocks.During the year the company in association with NHPC Ltd Power Grid Corporation of India Ltd and Damodar Valley Corporation incorporated a joint venture company namely National High Power Test Laboratory Pvt Ltd for setting up an On-line High Power Test Laboratory for short-circuit test facility in the country. Also the company in association with Steel Authority of India Coal India Ltd Rashtriya Ispat Nigam Ltd and NMDC Ltd incorporated a joint venture company namely International Coal Ventures Pvt Ltd.In the year 2010 the company entered into a joint venture agreement with Nuclear Power Corporation of India Ltd for formation of a public limited company to set up nuclear power project with two nuclear reactor units which may be extended for setting-up additional nuclear power projects subject to techno-economic viability. They set up a monitoring centre to give fillip to their large capacity additional programme. Also they commissioned the coal base unit 5 National Capital Thermal Power Project Dadri located in Uttar Pradesh. With the commissioning of this unit the total installed capacity of the company crossed 31000 MW and became 31134 MW.The President of India acting through Ministry of Power Government of India divested the stake by 5% in the company through further public offer of 412273220 equity shares and the shareholding of Government of India reduced from 89.5% to 84.5% with effect from February 18 2010. In May 19 2010 the company was granted the coveted status of 'Maha Ratna' by the Govt. of India. Also the company was the official power partner of Delhi 2010 Commonwealth Games.In April 2010 the company entered into joint venture agreement with Coal India Ltd and formed a company namely CIL NTPC Urja Pvt Ltd to carry on the business of acquisition of green field or operational Coal/ Lignite mine blocks in India and abroad and development of all kinds of Coal/ lignite mining for supply of fuels. In August 2010 they signed an MoU with Bangladesh Power Development Board (BPDB) on mutual co-operation between the parties for development of Power Sector in Bangladesh.During the year 2010-11 the company added capacity of 2490 MW (including 500 MW through JV) which is the highest ever in a year since its inception. After commissioning of one unit of 660 MW at Sipat in June 2011 the company became a 34854 MW company (including 3364 MW through JV). During the year the company signed power purchase agreements (PPAs) for 49000 MW capacity. Unit 6 of Dadri Unit 1 of Muzaffarpur Unit 1 of Jhajjar and Unit 7 of Korba were declared commercial during the year adding 1600 MW to commercial capacity of the company.In October 2010 the company executed a memorandum of understanding with Government of Punjab and Punjab State Power Corporation Ltd for setting up 2640 MW (4x660MW) coal based Thermal Power Project at Gidarbaha in the State of Punjab. They executed an MoU with Govt of Madhya Pradesh and MP Power Trading Company (MP Tradeco) for setting up 3960 MW (6x660 MW) Coal Based Thermal Power Project near Chhatarpur in Madhya Pradesh for the benefit of Bundelkhand region. In October 2010 the company executed an MoU with Ministry of Railways for setting up a 1320 MW (2x660 MW) Coal Based Thermal Power Project at Adra in West Bengal through a joint venture company. In January 2011 the company incorporated a joint venture company namely Anushakti Vidhyut Nigam Ltd with Nuclear Power Corporation of India Ltd for the purpose of development of nuclear power projects in the country. In July 18 2011 the company signed an MOU with Government of Kerala with the objective to plan and develop around 200 MW Wind Energy based Power Projects in the State of Kerala in association with Government of Kerala on Build Own & Operate (BOO) basis using technology subject to establishment of techno-commercial viability. Out of total 200 MW first 80 MW wind energy projects will be developed on fast track basis at Ramakkalmadu by NTPC. In September 6 2011 the company and Ceylon Electricity Board (CEB) Sri Lanka signed the joint venture Agreement in Colombo for setting up a 500 MW (2 X 250 MW) coal based power station at Sampur Trincomalee in the Eastern Province of Sri Lanka. A joint venture company would be incorporated in Sri Lanka with equal equity (50:50) contributions by NTPC and CEB for implementation of the power project.In October 14 2011 the company incorporated a joint venture company amongst NTPC Ltd. (NTPC) Asian Development Bank (ADB) and Kyuden International Corporation a wholly owned subsidiary of Kyushu Electric Power Company Inc (Kyushu) under the name Pan-Asian Renewables Private Ltd. NTPC ADB and Kyushu shall initially contribute in the ratio of 50:25:25 in the equity share capital of the company. The company has been incorporated to develop renewable energy projects and initially establish over a period of three years a portfolio of about 500 MW of Renewable Power Generation resources in India.In January 29 2012 the company signed a joint venture agreement with Bangladesh Power Development Board (BPDP) with the objective of setting up and implementing 1320 MW coal based power plant(s) in Bangladesh to cater to the growing power requirements of Bangladesh. This project will be developed through a 50:50 joint venture company between NTPC Ltd and BPDP on Build Own and Operate basis.In 2012 NTPC Signed Joint Venture Agreement with Bangladesh Power Development Board. The company signed a loan facility of USD 100 million with Mizuho Corporate Bank Ltd. The company inked a loan deal with Japanese bank and also signed a loan agreement worth Rs 600 crore with Jammu & Kashmir Bank.In 2013 NTPC Signed term loan agreement with SBI New York Mizuho Corporate Bank Singapore. The company also commissioned Mouda Super Thermal project and also began commercial operations. NTPC commissions Unit-II of Vindhyachal Super Thermal Power Station. Government of India further divested 9.5% stake in NTPC through offer for sale (OFS) route in February 2013.In 2014 NTPC Signed a MoU with Government of Andhra Pradesh (GoAP). The company started operation of unit 2 at Mouda Super Thermal plant. NTPC started commercial operation at Talcher power plant. NTPC started operations of Barh Super Thermal Power Station Stage-IIIn 2015 NTPC debuts into hydro generation. NTPC proposes to set up ITI in Odisha. NTPC Ltd signed Power Purchase Agreement (PPA) with Andhra Pradesh Eastern Power Distribution Company Limited.On 3 May 2015 NTPC signed a Memorandum of Agreement (MoA) with the Jharkhand state government for taking over Patratu Thermal Power Station (PTPS) through a joint venture company to be promoted by NTPC and Jharkhand Bidyut Vitaran Nigam Ltd. (JBVNL). NTPC will have 74% stake and JBVNL will hold 26% stake in the joint venture company.On 23 September 2015 NTPC announced that its public issue of tax free bonds received a thumping response from all categories of investors especially retail category. The issue was over-subscribed in the first half an hour of the opening of the issue for subscription on 23 September 2015. A total demand of over Rs 4400 crore was generated against the issue size of Rs 700 crore. On 15 December 2015 NTPC and The Energy and Resources Institute (TERI) signed an agreement for collaborative research on optimizing resource use and reducing water footprints of electricity generation in India.NTPC's Board of Directors at its meeting held on 30 March 2016 accorded investment approval for Mandsaur Solar PV Project (5x50 MW) in the state of Madhya Pradesh at an appraised estimated cost of Rs 1502.77 crore. The board also accorded investment approval for Bhadla Solar PV Project (4x65 MW) in the state of Rajasthan at an appraised estimated cost of Rs 1601.27 crore.On 1 April 2016 NTPC announced that it has recorded highest ever annual power generation of 241.98 BUs (excluding through joint venture projects) in the financial year 2015-16. The company also exceeded its capacity addition target by adding 2255 MW during the year thereby taking NTPC group's total installed capacity to 46653 MW as on 31 March 2016. On 7 April 2016 NTPC announced that its R&D arm NTPC Energy Technology Research Alliance (NETRA) has started a pilot briquetting plant towards harnessing green power through various Bio-fuel Research projects including Biomass for gasification and power generation.On 17 May 2016 NTPC announced that it has signed a joint venture agreement (JVA) with Coal India (CIL) for formation of a joint venture company to take up the revival of two fertilizer plants of Fertilizer Corporation of India Limited (FCIL) at Sindri Bihar and Gorakhpur Uttar Pradesh by setting up an ammonia urea plant at each location. The joint venture company would initially be incorporated with equal equity (50:50) participation from NTPC and CIL. The JVA contains provision of inducting strategic partners at a later date depending upon business requirement of the joint venture company.On 15 June 2016 NTPC announced that it had made small beginning with sale of surplus power from its power stations in Singrauli Vindhyachal Rihand Unchahar and Dadri through power exchange. The decision for sale of power through power exchange was based on the amendment issued to Tariff Policy in January 2016 allowing power generating companies to sell surplus power in the market with the consent of Beneficiary and share the incremental gain with them making it a win win situation for both.On 5 July 2016 NTPC announced that the employee Offer for Sale of shares constituting 5% stake of Government of India in NTPC got an unprecedented response as over 10800 employees participated in the offer and applied for approximately 1.74 crore shares being 85% of 2.06 crore shares offered for allotment. On Pan India basis employees from over 100 locations participated in the offer.Bangladesh-India Friendship Power Company (Pvt.) Limited (BIFPCL) a company registered in Bangladesh and promoted by BPDB of Bangladesh and NTPC with equal (50:50) equity contribution for development of power projects in Bangladesh signed Contract Agreement for Main Plant EPC (Turnkey) Package with Bharat Heavy Electricals Limited (BHEL) on 12 July 2016 to construct 2x660 MW Maitree Super Thermal Power Project at Rampal Upazila under Bagerhat district of Bangladesh. The plant is expected to come to generation during the financial year 2019-20.NTPC raised Rs 2000 crore through rupee denominated Green Masala Bonds from the offshore markets on 3 August 2016. NTPC launched the transaction with an initial target to raise Rs 1000 crore. On the back of strong investor support the order book built to over Rs 2900 crore with participation from more than 60 accounts. The company upsized the issue to Rs 2000 crore and priced the bond at an annual yield of 7.48% with 5 year tenure. The proceeds would be used to finance the renewable energy projects of the company.On 9 August 2016 NTPC and Commonwealth Scientific and Industrial Research Organization (CSIRO) which is Australia's National Science Organization and largest scientific enterprise signed a Letter of Intent (LOI) for scientific collaboration and encourage joint research activities in the area of low emission energy technologies including advance combustion and gasification technologies and renewables.On 5 September 2016 NTPC and IIT Madras signed a Memorandum of Understanding (MoU) for Research and Development in the areas of mutual interest. As per the MoU joint R&D projects will be taken up by both the organizations for development of new technologies process and product for optimization & efficiency improvements etc.On 20 October 2016 NTPC signed a Memorandum of Understanding (MOU) with Andaman & Nicobar Administration and the Ministry of New and Renewable Energy Government of India for setting up solar power projects of 50 MW capacity with Battery Energy Storage System at different locations in Port Blair in Andaman & Nicobar Islands.Talcher Thermal Power Station of NTPC achieved its ever best highest single day generation of 11.496 Million Units of electricity at 104.13% Plant Load Factor (PLF) on 23 November 2016. The station had topped the national ranking for highest capacity utilization among all power stations of the country during 2015-16.NTPC's Board of Directors at its meeting held on 30 November 2016 accorded investment approval for Rojmal Wind Energy Project (50 MW) in the state of Gujarat at an appraised estimated cost of Rs 323.35 crore subject to signing of Power Project Agreement. This will be the first wind energy project of NTPC.On 7 December 2016 NTPC announced that it has successfully exposed seam-III in its first coal mine-Pakri Barwadih located in Jharkhand after removal of over burden of 7 lakh cubic metre. The company said at that time that coal production from the mine will commence shortly and can be supplied to any project of the company. This is a major step towards building assured fuel supply for the company's power projects. On 16 December 2016 NTPC and National Aluminium Company Limited (NALCO) signed a Memorandum of Understanding (MoU) to form a joint venture company for power generation. The joint venture company proposes to establish a 2400 MW (3X 800 MW) coal based power project at Gajmara Dhenkanal in Odisha and supply captive power for expansion plans of NALCO at Angul and also greenfield project at Kamakhyanagar in Dhenkanal Odisha.On 26 December 2016 NTPC announced that its installed capacity has risen to 48028 MW after the commissioning of 800 MW unit at Kudgi Super Thermal Power Station in Karnataka. This is the first 800 MW unit commissioned by NTPC.On 27 December 2016 NTPC's wholly owned subsidiary Vidyut Vyapar Nigam Limited (NVVN) signed Power Purchase Agreement (PPA) with Nepal Electricity Authority (NEA) for supply of up to 160 MW power for the period January 2017 to May 2017 through Muzaffarpur-Dhalkebar transmission line.On 11 January 2017 NTPC signed a Memorandum of Understanding ( MoU) with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUN) and Rajasthan Urja Vikas Nigam Limited (RUVNL) for takeover of Chhabra Thermal Power Plant Stage-I (4x 250 MW) and Stage-II (2x660 MW) of Rajasthan Rajya Vidyut Utpadan Nigam Limited by NTPC.On 11 January 2017 NTPC announced that its Board of Directors has accorded investment approval for Dulanga Coal Mining Project having rated production capacity of 7 MTPA at an appraised estimated cost of Rs 1053.41 crore.On 27 January 2017 NTPC announced that it has successfully issued its first Euro denominated bond worth EUR 500 million on 25 January 2017. This is the first ever 10 year Euro denominated bond issuance by an Asian utility issuer and also first ever 10 year EUR transaction by an Indian issuer. On 16 February 2017 the first coal rake was flagged off from NTPC's first coal block at Pakri-Barwadih Hazaribagh in Jharkhand. On 23 February 2017 NTPC announced installation of first of its kind Robotic Dry Cleaning System for solar panels at its Solar PV plant at Dadri Uttar Pradesh. The system is first of its kind in India and it aims at conserving water along side reducing power generation loss due to soiling to the extent of 3-4%.On 10 March 2017 NTPC announced that it has installed India's largest Floating Solar PV Plant at Rajiv Gandhi Combined Cycle Power Plant (RGCCPP) Kayamkulam Kerala. NTPC and Group NTPC achieved highest ever daily generation of 784.74 MUs and 870.11 MUs respectively on 22 March 2017 surpassing previous best of 782.95 MUs & 866.47 MUs achieved on 9 September 2016. On 23 March 2017 NTPC announced that the 12th five-year plan capacity addition target of 11920 MW has been exceeded by adding 12840 MW by NTPC which is also the highest ever capacity addition in any five-year plan by NTPC thus far. On 27 March 2017 NTPC announced that its Board of Directors has accorded investment approval for Talaipalli Coal Mining Project (18 Million Tonnes per annum) at an estimated cost of Rs 3004 crore. On 1 April 2017 NTPC announced that it has joined the top league of electricity generators globally by crossing 50 GW capacity mark.On 4 April 2017 NTPC announced the commissioning of its first wind turbine with 2 MW capacity at Rojmal Wind Power Project (50 MW) in Gujarat thereby marking its presence in five segments of power generation i.e. coal based gas based hydro solar and wind.Bangladesh India Friendship Power Company (Pvt.) Limited (BIFPCL) a 50:50 joint venture company between NTPC and Bangladesh Power Development Board (BPDB) achieved financial closure on 10 April 2017 to set up 1320 MW (2 x 660 MW) coal based Maitree Super Thermal Power Project at Rampal in Bagerhat District of Khulna division Bangladesh. An agreement was signed with Indian Exim Bank to provide loan up to USD 1.6 billion for financing this project. NTPC' 2nd Masala Bond got listed on the London Stock Exchange on 12 May 2017. On 3 June 2017 NTPC announced its foray into electric vehicles (EV) charging business with the setting up of charging stations at multiple locations. On 29 August 2017 NTPC signed a term loan agreement for Rs 3000 crore with ICICI Bank. The loan has a door to door tenure of 15 years and will be utilised to part finance the capital expenditure of NTPC. On 5 October 2017 NTPC announced that its Unchahar power station in Rae Bareli district of Uttar Pradesh has set a national record with 686 days of continuous generation by its 210 MW Unit-I. On 6 November 2017 NTPC announced that its Unchahar power station in Rae Bareli district of Uttar Pradesh is slowly recovering after an industrial accident which took place on 1 November 2017 in which 36 people succumbed to injuries.On 3 January 2018 NTPC announced that it has recorded its highest ever quarterly power generation of 67781 MUs in Q3 December 2017 recording a growth of 10.39% compared with the generation of 61400 MUs in Q3 December 2016. On 17 January 2018 NTPC announced that agitation by local villagers has adversely impacted the project work at its 1600 MW Gadarwara power project at Gadarwara district Narsinghpur in Madhya Pradesh. About 3000 specialised workforce has left the site and the work on the project came to stand still from 22 December 2017. This is likely to impact adversely the project commissioning schedule which is targeted by March 2018.On 24 January 2018 NTPC listed its USD 6 billion (about Rs 40000 crore) MTN programme (debt instrument) on India International Exchange at IFSC GIFT City (India INX) thereby becoming India's first quasi-sovereign company to list at India INX. The listing was done on 24 January 2018 on the Global Securities Market of India INX India's first international exchange. The listing will help NTPC raise funds at lower costs from international investors and also allow foreign investors to access good quality Indian debt paper.