Ratnagiri Gas and Power

What Ratnagiri Gas and Power does

Ratnagiri Gas and Power Private Limited (RGPPL) operates a 1,967 MW combined cycle gas-based power station at Village Anjanwel, District Ratnagiri, Maharashtra, approximately 330 km from Mumbai. Incorporated on July 8, 2005 under the Companies Act, 1956 as a joint venture between NTPC Limited and GAIL (India) Limited, the company was set up to take over and revive the stranded assets of the Dabhol Power Company Project following the ENRON episode. The integrated complex pairs power generation using GE Frame 9E gas turbines with a Re-gasified LNG facility, although the LNG terminal has since been demerged to GAIL to allow RGPPL to concentrate on power generation.

RGPPL generates and sells electricity under long-term Power Purchase Agreements to a small set of anchor offtakers, including Indian Railways and multiple state electricity distribution companies such as MSEDCL. Tariffs are determined through regulatory petitions filed with the Maharashtra Electricity Regulatory Commission (MERC), with approved multi-year regulatory periods (including 2019-24 and 2024-29), giving the business a regulated, B2B utility revenue model rather than a competitive merchant model. Distribution is purely direct enterprise sales to utilities and large industrial consumers, with no retail or consumer channel.

The company is a wholly-owned subsidiary of NTPC Limited and benefits from the corporate governance, financial backing, and operational expertise of its government-promoter parents. Recent activity has focused on operational stabilization — including the November 2025 appointment of a new CEO, Shri Atul Kamalakar Desai, and a March 2026 MERC final order resolving the MSEDCL tariff review — alongside ESG and safety recognition (ISO 14001:2015, ISO 45001:2018, Greentech Environment Award 2022, National Energy Management Award 2020). The asset has experienced cyclical challenges, including a 2015-2016 hibernation period triggered by gas shortage, highlighting the underlying sensitivity to fuel availability that continues to shape its operating profile.

Name

Ratnagiri Gas and Power

Legal name

Ratnagiri Gas and Power Private Limited

Website

https://rgppl.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

51–100 employees

Short description

Ratnagiri Gas and Power Private Limited (RGPPL) operates a 1,967 MW combined cycle gas-based power plant in Maharashtra, India, selling electricity under long-term Power Purchase Agreements to Indian Railways and state distribution companies at tariffs regulated by MERC. The company is a subsidiary of NTPC Limited.

Ownership category

akta.pro rank

Product category

Gas-based Power Generation

NAICS

Electric Power Generation (22111), Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric Services (4911), Engines & Turbines (3510)

akta.pro primary industry

LNG-to-Power (FSRU/Regas-Fed Gas Power Plants) (EUACABAG)

akta.pro secondary industry

Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield) (EUACABAI)

Keywords

• Gas-based power generation
• Combined cycle power plant
• Re-gasified LNG facility
• Power purchase agreements
• Utility-scale electricity supply

Headquarters

HQ city

Chiplun

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D

Revenue model

1. Power Generation and Sale: Generate and sell electricity to state electricity distribution companies and large industrial consumers through long-term Power Purchase Agreements under regulatory tariff frameworks

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

RGPPL generates and supplies electricity from an integrated 1,967 MW combined cycle gas-based power station supported by a Re-gasified LNG facility at Village Anjanwel, District Ratnagiri, Maharashtra. Power is sold to state electricity distribution companies and large industrial buyers such as Indian Railways under long-term Power Purchase Agreements with tariffs approved by state electricity regulatory commissions. The company originally revived the assets of the Dabhol Power Company Project following the Enron episode under NTPC's aegis.

Product overview

Ratnagiri Gas and Power Private Limited (RGPPL) operates as an integrated energy company offering power generation and LNG re-gasification services. The company manages a 1967 MW combined cycle gas-based power plant at Anjanwel in Ratnagiri, Maharashtra. Originally incorporated on July 8, 2005, under the Companies Act, 1956, RGPPL was promoted by NTPC Limited and GAIL (India) Limited to take over and revive the assets of the Dabhol Power Company Project. The company supplies electricity to customers including Indian Railways and various Indian states.

Differentiator

Problem solved

Functional benefit

Products and services

• Power Generation Services Integrated power generation from a 1,967 MW combined cycle gas-based power station located at Village Anjanwel, District Ratnagiri, Maharashtra, producing electricity that is sold to state electricity distribution companies and industrial consumers such as Indian Railways under long-term Power Purchase Agreements.
• Re-gasified LNG Facility Re-gasification facility for Liquefied Natural Gas, forming an integrated energy complex with the power generation block at Anjanwel, Ratnagiri, supporting fuel supply for the combined cycle gas turbines.

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• GAIL (India) LimitedcoreStrategic or Co-development PartnerGAIL (India) Limited is a co-promoter of RGPPL alongside NTPC. The company was set up to take over and revive the assets of Dabhol Power Company Project. GAIL originally held stake in the integrated power and LNG complex before the demerger of the LNG terminal.

Scale indicators2 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• Tata Power: Tata Power is a large integrated Indian utility with thermal and renewable generation, including gas-fired assets, and serves similar DISCOM and industrial customers as RGPPL.
• Adani Power: Adani Power is one of India's largest private IPPs with diversified thermal generation; while primarily coal-based, it competes for the same DISCOM PPAs and large-industrial offtake contracts as RGPPL.
• Jindal Power (Jindal Steel & Power): Jindal Power operates large thermal IPPs (primarily coal) supplying state DISCOMs and captive industrial loads — competing broadly with RGPPL for long-term PPAs in India.

Direct peers

• Essar Power: Essar Power operates imported coal and gas-fired generation assets and is a counterparty to similar Indian DISCOM PPAs — a peer IPP comparable in scale and structure to RGPPL.
• GSPC Pipavav Power (now taken over by Adani): GSPC Pipavav is a 702 MW combined cycle gas-based IPP in Gujarat selling power to Gujarat Urja Vikas Nigam under PPA, closely matching RGPPL's gas-fired IPP business model.
• Torrent Power: Torrent Power is an integrated private utility operating combined cycle gas generation in Gujarat and supplying DISCOMs under PPAs, making it a directly comparable IPP peer in the Indian gas-based power sector.
• Apraava Energy (formerly CLP India): Apraava Energy operates combined cycle gas-fired plants (e.g., Paguthan) selling to Indian DISCOMs under long-term PPAs — one of the most directly comparable gas-based IPPs to RGPPL.
• GMR Energy (incl. GMR Kamalanga Energy): GMR operates gas and coal-fired IPPs in India including combined cycle plants selling to DISCOMs under PPAs, making it the closest direct peer to RGPPL's gas-based generation model.
• Reliance Power: Reliance Power operates large IPPs in India including the 2,400 MW combined cycle gas plant at Dadri, sold through long-term PPAs to state utilities — directly comparable to RGPPL's gas-based model.

Others

• NTPC Vidyut Vyapar Nigam (NVVN): NVVN is the trading arm of RGPPL's parent NTPC and handles power sales from NTPC group stations including bundled renewable/thermal supply, making it a complementary (not competing) entity to RGPPL's generation business.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ratnagiri Gas and Power