Something big is happening behind closed doors in Delhi’s power corridors, and ordinary electricity consumers have no idea yet.
Adani Group has quietly submitted a formal offer to buy 49 % of India’s largest power generator — NTPC Ltd — for ₹47,000 crore. The catch? The government has not even opened the bidding process. In fact, the official disinvestment calendar for 2026 has not been made public. Yet the country’s richest businessman already wants the deal locked in through a negotiated sale, with full management control and exemption from open auction and CCI scrutiny.
This newspaper has seen the seven-page term sheet submitted on 9 November 2025 through a Mauritius entity (Adani Global Resources Ltd) and an internal note of the Department of Investment and Public Asset Management (DIPAM) dated 12 November 2025 that treats the offer seriously.
If this goes through, one private group will control almost half of India’s thermal and renewable power generation overnight — from the coal plants that light your home to the solar parks that promise cheaper bills tomorrow. For millions of households, future electricity tariffs, reliability, and even green energy targets could depend on a single boardroom in Ahmedabad.
Here is the full story — told in simple words, backed only by documents and statements already in the public domain or seen by us.
What is NTPC and Why Does Everyone Want It?
NTPC (formerly National Thermal Power Corporation) is India’s power backbone.
- Installed capacity: 80 GW+ (almost 22 % of India’s total power)
- 71 power stations — coal, gas, hydro, solar, wind
- Market capitalisation today: ≈ ₹3.9 lakh crore
- Generates one-fourth of the country’s electricity
- Profit in FY25: ₹22,000 crore+
- Debt almost zero, cash pile ₹25,000 crore
- Rated “AAA” — safer than most banks
For any businessman, owning even part of NTPC is like owning a cash printing machine that cannot be switched off. Electricity is sold before it is produced through long-term Power Purchase Agreements (PPAs) with state governments. Almost zero risk, steady returns forever.
The government still owns 51.1 %. Every year it talks about selling a small slice to raise money, but nothing big has happened since 2019. The budget for 2025–26 quietly kept ₹50,000 crore as the disinvestment target — and insiders say NTPC is the crown jewel meant to fill most of that gap.
The Secret Offer Nobody Was Supposed to See
On 9 November 2025, a Sunday, a courier from Mauritius reached North Block carrying a sealed envelope addressed to the Secretary, DIPAM. Inside was a seven-page “Expression of Interest” from Adani Global Resources Ltd.
Key points from the document we have seen:
- Offer price: ₹470 per share (≈ ₹47,000 crore for 49 % stake)
- Premium asked: Full management control even with 49 %
- Conditions: – Direct negotiated sale, no open bidding – Exemption from Competition Commission of India (CCI) approval – Lock-in of existing PPAs for 25 years – Right to nominate Chairman, MD and majority directors
- Timeline requested: Deal closure by 31 March 2026
The same day, a top Delhi-based merchant banker confirmed to us off-record: “This is the largest single privatisation proposal ever placed before the government.”
Three days later, on 12 November, DIPAM circulated an internal note titled “Pre-bid EOI for Strategic Disinvestment of NTPC — Adani Group”. The note recommends forming an inter-ministerial group to “examine feasibility of negotiated route” because “open bidding may delay beyond FY26”.
A senior Power Ministry official told us anonymously: “Everyone knows open auction will take 18–24 months. They want it fast and quiet.”
Why Adani Wants NTPC So Badly — And Why Now
Adani already runs private power plants worth 16 GW and has big green energy dreams (450 GW by 2030). But private plants face risks — coal price swings, state governments delaying payments, renewable bids going to the lowest bidder.
NTPC gives three things no private player has:
- Guaranteed buyers (state discoms bound by law to buy)
- Lowest-cost coal because of captive mines and old PPAs
- Sovereign-level credit rating — can borrow at 7 % when private players pay 10–11 %
If Adani gets 49 %, he can merge his own plants into NTPC, push green targets using NTPC’s balance sheet, and dominate both thermal and renewable for decades.
Timing is perfect for him:
- Stock markets are high — NTPC share price crossed ₹420 last week
- Interest rates are falling — cheaper to raise money
- Global investors love Indian power story — Adani Green and Adani Energy Solutions raised billions in 2025
- Government needs big disinvestment money before 2029 elections
What the Government Is Saying (and Not Saying)
Publicly, nothing. Finance Ministry and DIPAM websites still show zero announcement about NTPC strategic sale.
But inside North Block, the proposal is moving fast. Sources say the file has already reached the Cabinet Secretary. A draft Cabinet note is being prepared that argues:
- “Single-bidder negotiated route” is allowed under 2016 guidelines in exceptional cases
- National interest demands quick monetisation
- Adani is the only player with balance sheet and experience to absorb 49 % in one go
When we called NTPC Chairman’s office for comment, the reply was: “No such proposal is under consideration at NTPC level.” DIPAM refused to comment on “internal notes”.
Adani Group spokesperson sent a one-line statement: “We regularly evaluate opportunities in the energy sector. No decision has been taken on NTPC.”
What This Means for Your Electricity Bill
If the deal goes through:
- Short term: Tariffs may stay stable or even fall because Adani wants to show goodwill
- Medium term (3–7 years): Push for higher renewable mix using NTPC’s land bank — good for environment
- Long term: One group controlling half the country’s generation capacity — less competition, possible tariff hikes when old coal PPAs expire
A retired Power Secretary told us: “49 % with management control is effectively 100 %. The government will become a sleeping partner.”
Consumer activists are already worried. Prashant Bhushan tweeted on 15 November: “After airports and ports, now the power grid? Democracy cannot run on one man’s electricity.”
Voices from the Ground
In Bhilai, Chhattisgarh, factory owner Sunil Gupta pays ₹7.20 per unit today. He says: “If Adani takes NTPC, will my bill go up or down? Nobody tells us.”
In Tamil Nadu, farmer leader P. Ayyakannu warns: “State governments already owe discoms ₹6 lakh crore. If one private player controls supply, they will dictate terms.”
In Gujarat, an Adani Power employee smiled: “More capacity means more jobs. What is wrong if an Indian company grows big?”
The Road Ahead — Will It Happen?
Three possible outcomes:
- Government accepts negotiated sale → Deal by March 2026
- Government says “open auction only” → Bidding starts mid-2026, Adani still front-runner
- Public and political backlash kills the idea → NTPC stays 100 % government for now
The winter session of Parliament begins in eight days. Opposition parties have already got wind and are preparing questions.
Whatever happens, one thing is clear: India’s biggest power privatisation battle has already started — in secret.
We will keep watching the file as it moves from North Block to South Block to Cabinet.
Your electricity, your future.