ICRA

THDC India Limited, a leading Power Sector PSU, has also established a benchmark in Green Hydrogen production, by successfully implementing India's one of the first pilot project aligned with the "National Green Hydrogen Mission" on the auspicious occasion of 75th Republic Day. 

The project developed at the office complex in Rishikesh, has been inaugurated by THDC's Chairman and Managing Director (CMD) R. K. Vishnoi in the presence of THDC's Director, Shallinder Singh and Bhupender Gupta along with all other senior officers of THDC.

THDC dedicates India's largest Green Hydrogen pilot project

Reliance Power has inked an agreement to sell its 1,200 MW Kalai II hydroelectric project in Arunachal Pradesh for Rs 128.39 crore to THDC India. The purpose of entering into the agreement was to monetise the hydroelectric power project.

Under the pact, there will transfer of the development rights and associated physical assets, studies, clearances, designs and intellectual properties of the proposed 1,200 MW Kalai-II hydroelectric project located at the Lohit river basin of Arunachal Pradesh to THDC for an aggregate consideration of Rs 128.39 crore, subject to certain indemnities, representations and covenants, it stated.

Reliance Power to sell 1,200 MW Kalai II Hydropower Project in Arunachal to THDC India

THDC India Ltd. (THDCIL) and Tata Power Delhi Distribution Ltd. (Tata Power-DDL) have forged a collaboration aimed at addressing the skill gap in the energy sector. Through a newly signed Memorandum of Understanding (MoU), both organisations will focus on creating a qualified workforce to meet the growing demands of both domestic and international markets. The MoU was signed by senior representatives, including Praveen Agrawal, Chief of Human Resource and related functions at Tata Power-DDL, and A.N. Tripathy, General Manager of HR & Administration at THDCIL, alongside other officials from the two entities. This partnership seeks to utilise the resources of HRD Takshshila-SLCDC in Rishikesh and Tata Power-DDL’s Learning Centre in Delhi. The initiative aims to provide cutting-edge training in critical areas such as smart grids, grid automation, and emerging energy technologies. As a joint venture between Tata Power and the Government of the National Capital Territory of Delhi, Tata Power-DDL emphasised that this collaboration is a step towards building a robust talent pool that can contribute effectively to the evolving needs of the energy sector globally.

THDC India Ltd and Tata Power-DDL Partner to Enhance Energy Sector Skills

THDC’s receivables rose to INR 17.3 billion in 1HFY26, largely due to INR 4 billion in unbilled revenue from Khurja STPP and Tehri PSP. Debtors stay manageable through regulatory payment norms and LC mechanisms, with UP DISCOMs accounting for 24% of the total.




THDCIL faces significant execution risks, including delays and cost overruns at the 444 MW VPHEP and Tehri PSP (Unit-4 due 4QFY26). Risks are further elevated by a massive 12,000 MW solar pipeline and the long-gestation Kalai-2 project. While current operations are stable, this aggressive capital deployment keeps execution risks and leverage high.


The issuer has made timely interest payments.

Shri Sipan Kumar Garg, Chairman & Managing Director

Incorporated in 1988, THDC India Limited is a Miniratna Category-I CPSE with a 3,657 MW installed capacity. It operates major hydro projects in Uttarakhand (2,150 MW), thermal and small hydro plants in Uttar Pradesh (1,344 MW), wind farms in Gujarat (113 MW), and a solar project in Kerala (50 MW).




THDC operates under the CERC cost-plus framework, ensuring guaranteed returns, cost recovery, and forex risk protection for its current assets and the upcoming VPHEP. By exceeding performance benchmarks, the company earned INR 0.95 billion in incentives for FY25 (up from INR 0.78 billion in FY24).


Ind-Ra assesses the NTPC-THDC linkage as moderate-to-strong, supported by NTPC’s board representation, technical consultancy for Khurja STPP, and financial oversight. THDC has largely funded equity through internal accruals, while the VPHEP project is secured by World Bank debt and a GoI guarantee. NTPC remains a strategic backstop for future support.


Ind-Ra assesses the NTPC-THDC linkage as moderate-to-strong, with NTPC providing board oversight and technical consultancy for the Khurja STPP. THDC has largely self-funded equity through internal accruals, while the VPHEP project is secured by World Bank debt and a GoI guarantee. NTPC remains a strategic backstop for future support.


THDC’s receivables rose to INR 17.3 billion in 1HFY26, driven by INR 4 billion in unbilled revenue from Khurja STPP and Tehri PSP. Despite this, Ind-Ra expects debtors to remain stable due to strict regulatory payment norms and letter of credit mechanisms. Notably, UP DISCOMs account for 24% of the total receivables.


Rating agency	Rating	Needle position
ICRA	AA Stable	near High Safety
IND	AA + /Stable	near High Safety

Security Name: 8.75% THDC India Limited 06 Sep 2029

ISIN: INE812V07021

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