Tata Power stood at the forefront of India’s energy transition. The firm’s long history was deeply intertwined with the country’s development. As Mumbai’s power needs increased, Tata Power built out thermal assets across India, and while thermal power generation remained Tata Power’s mainstay, the firm slowly started diversifying. By 2024, Tata Power was India’s largest private power producer by installed capacity with annual revenues of $7.4 billion. In 2020, Tata Power boldly announced a commitment to net-zero emissions by 2050, concurrent with a complete phase-down of thermal capacity. It later brought this commitment forward to 2045.

To prepare for declining revenues from thermal power generation, it was actively expanding its renewable business, but stakeholders had concerns about Tata Power’s ambitions. Was the firm’s decision to sacrifice potentially high returns in thermal power generation financially imprudent, or did it position the firm well as India inevitably accelerated its energy transition?

In this episode, host Brian Kenny welcomes Harvard Business School Professor Vikram Gandhi and Tata Power CEO Praveer Sinha to discuss the case Tata Power and India’s Energy Transition, and how India’s largest private power producer is reimagining its future.

They explore how the legacy energy company should allocate capital between proven thermal assets and emerging renewable technologies, and what lessons the company’s journey offers for leaders navigating disruption, investor expectations, and the balance between profits and purpose.