India's top power firms to invest ₹5.5 lakh crore in coal
India's biggest power players are set to invest over ₹5.5 lakh crore by 2032, adding 50GW of new coal-based power to keep up with surging electricity needs in cities and industries.
This expansion is designed to work alongside renewables, not replace them.
Major players in the coal expansion
Adani Power plans to more than double its coal capacity, investing ₹2 lakh crore.
NTPC is adding 27GW to its already massive fleet, which may require an investment of over ₹2.25 lakh crore.
Torrent Power is exploring new plants worth up to ₹90,000 crore.
JSW Energy is making selective additions too, aiming for a steady grid as more renewables come online.
Peak demand projections and the need for thermal power
India's peak electricity demand could jump from 250GW in 2025 to over 400GW by 2032—and possibly hit 700GW by 2047.
With thermal power still making up more than half the country's capacity as of June 2025, these investments are all about keeping the lights on as India grows and transitions to cleaner energy.