About 

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About Kulamani Biswal

Kulamani Biswal is a veteran Indian finance professional, widely recognised for his tenure as Director (Finance) of NTPC Limited, India’s largest power generation company, a position he held on the company’s Board from March 2015. Originally from Odisha, he built a career spanning the entire value chain of the power business — from coal supply and regulatory affairs to generation and corporate finance.

Over a career of more than 30 years, he has held senior finance leadership roles at Coal India Limited, the Orissa Electricity Regulatory Commission, the Central Electricity Regulatory Commission (CERC), Mahanadi Coalfields Limited (MCL), and NTPC Limited. He is known for his strong financial acumen, deep regulatory expertise, and ability to build lasting relationships across India’s public sector energy ecosystem.

Following his executive career, he has continued to contribute at the board level, serving as an Independent Director and Non-Executive Director across companies in the power, finance, and real estate sectors.

15+
Years of Experience

Career Timeline

1985
Career Beginnings
Coal India Limited

Started his professional career in the coal sector, beginning a journey that would span nearly four decades in India’s coal and power industries.

1997
Director-Level Appointment
Orissa Electricity Regulatory Commission

Moved into the power sector regulatory space, taking on a director-level role in his home state of Odisha.

2004 – 2010
Chief (Finance)
Central Electricity Regulatory Commission (CERC)

Played a key role in the formulation of the Tariff Regulations 2009–14 and the formation of POSOCO (Power System Operation Corporation), which took over system operation and load dispatch functions. He also served as Internal Financial Advisor to CERC.

OCT 2010 – DEC 2013
Director (Finance)
Mahanadi Coalfields Limited (MCL)

Took charge at age 49, leading finance, accounting and corporate governance over a 38-month tenure. Played a pivotal role in making MCL the second-largest coal company in India by production and profitability, and led diversification beyond coal — including formation of Mahanadi Basin Power Limited and Neelanchal Power Transmission Company Limited — for gainful deployment of surplus funds.

DEC 2013 – DEC 2018
Director (Finance)
NTPC Limited

Joined the NTPC Board in December 2013. Within his first six months, he helped resolve long-pending disputes with Coal India Limited, closed NTPC’s FY14 accounts, delivered a capex of Rs 21,705 crore for the year, raised Rs 2,250 crore through tax-free bonds, and secured a USD 350 million foreign currency loan. Over his tenure he went on to mobilise USD 750 million from international markets at attractive rates for the company’s capex requirements, and helped bring NTPC’s cost of debt down to 7.81% p.a. His term concluded in December 2018 (see Public Record for a 2017–18 suspension and reinstatement).

2016 – 2017
Non-Executive Director
PTC India Financial Services Limited & PTC India Limited

Contributed board-level financial oversight to PTC India’s financial services arm and its parent company.

2021 – 2023
Independent / Non-Executive Director
Ansal Properties & Infrastructure Limited

Extended his governance experience beyond the power sector into real estate and infrastructure.

Board & Leadership Positions

Organisation Role Tenure / Notes
NTPC Limited Director (Finance) Dec 2013 – Dec 2018
Mahanadi Coalfields Limited Director (Finance) Oct 2010 – Dec 2013
Central Electricity Regulatory Commission Chief (Finance) / Internal Financial Advisor 2004 – 2010
Orissa Electricity Regulatory Commission Director From 1997
PTC India Financial Services Limited Non-Executive Director 2016 – 2017
PTC India Limited Non-Executive Director 2015 – 2017
Ansal Properties & Infrastructure Limited Independent Director Jun 2021 – 2023
NTPC Electric Supply Company Limited Director / Board Member NTPC subsidiary
Patratu Vidyut Utpadan Nigam Limited Director / Board Member NTPC joint venture
Bangladesh-India Friendship Power Company Director / Board Member NTPC joint venture
NTPC-Tamil Nadu Energy Company Limited Chairman NTPC joint venture
Meja Urja Nigam Private Limited Chairman NTPC joint venture
NTPC Vidyut Vyapar Nigam Limited Director NTPC subsidiary
World Confederation of Productivity Science (India) Chairman, Governing Body Honorary
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Key Achievements

01
Mobilised USD 750 million from international debt markets at attractive rates to fund NTPC's capital expenditure programme.
02
Helped bring NTPC's overall cost of debt down to 7.81% p.a., a benchmark few peers in the industry have matched.
03
Steered Mahanadi Coalfields Limited to become the second-largest coal company in India by production and profitability during his tenure as Director (Finance).
04
Led MCL's diversification into power generation, solar power, and electricity transmission, putting surplus company funds to productive use.
05
Played a central role at CERC in drafting the Tariff Regulations 2009–14 and in the formation of POSOCO, the entity responsible for national power system operation and load dispatch.
06
Built experience across the entire power value chain — supply, distribution, generation, and regulatory affairs.