Adani Power Ltd, India’s largest private sector thermal power producer with an installed capacity of over 18 GW, is building an early-stage but deliberate pipeline in nuclear energy—focusing on land aggregation, corporate structuring and regulatory readiness so it can scale up quickly once policy visibility improves.
“So far the government of India has not notified the rules, so we are only getting ourselves ready. As and when the rules come, it will give us clarity about the size, capacity etc. At this stage we are only preparing ourselves. Therefore we are identifying sites. Wherever we have the site, we are applying for approvals. So we are preparing ourselves to move fast,” said S B Khyalia, Chief Executive Officer of Adani Power Ltd, during an investor call earlier this week. He added that the company is currently focused on site identification and approvals so that it can “move fast” once the regulatory framework is in place.
Importantly, the company is not looking at repurposing existing thermal assets for nuclear projects. “In our case these are new sites and will not be existing thermal sites,” Khyalia said, indicating a clear preference for dedicated greenfield nuclear developments.
The groundwork on sites comes alongside structural steps already taken by the company to enter the nuclear segment. Adani Atomic Energy Ltd (AAEL) was incorporated in February 2026 to mark the company’s entry into the nuclear power segment. Building on this, Coastal-Maha Atomic Energy Ltd (CMAEL), a step-down wholly owned subsidiary, was incorporated in April to undertake generation, transmission and distribution of nuclear and atomic energy.
While no regulatory approvals were required for incorporation at this stage, the broader nuclear push remains contingent on policy evolution. The Centre has been signalling a willingness to open up the sector to private participation, while retaining control over critical areas such as fuel management and safety.
Beyond India, Adani Power is also widening its search for opportunities. “We are expanding our area of focus beyond Indian territory. We will evaluate international projects in thermal, hydro and transmissions sector and invest in attractive opportunities that qualify. We recently incorporated an SPV in Bhutan for a 520 MW hydro power plant with this aim,” Khyalia said. The company is also aligning itself with long-term shifts in the power sector. “We are also aligning ourselves to the emerging long-term opportunities in the power sector, such as nuclear power. We have incorporated several SPVs in India for nuclear power projects. We are identifying lands for these projects and seeking necessary approvals,” he added.
Alongside this strategic positioning, the company is preparing for significant capital expenditure (capex) over the next few years, both for its conventional and emerging energy portfolio. It has guided for ₹25,000 crore capex in FY27, with spending expected to rise further to over ₹33,000 crore in FY28, reflecting ongoing expansion and project pipeline execution.
On the thermal expansion side, the company is adding 1,320 MW at its Korba plant, with commissioning of the first unit expected between June and September (Q2 FY27) and the second unit by the end of the year. This aligns with the company’s disclosure that the 1,320 MW Phase-II expansion of Korba Power Ltd is targeted for completion in FY27.
Project execution across key plants is at advanced stages, with Mahan Phase-II (1,600 MW) reaching 86% completion, Raipur Phase-II (1,600 MW) at 54%, and Raigarh Phase-II (1,600 MW) at 47% as of March 31, 2026.
However, timelines for some projects have been recalibrated due to external factors. The Mahan project, which was earlier targeted for commissioning between October and December, has seen delays. “Because the geopolitical situation is affecting the availability of labour and LPG,” management said. The first unit of Mahan is now likely to be commissioned in the last quarter of this year or the first quarter of next year, with the second unit expected around six months thereafter, despite the project already being at an advanced stage of completion.
Accordingly, the company now expects around 1.3 GW capacity addition in FY27, with a larger 1.6 GW addition pushed into FY28, even as overall project execution continues to progress steadily.