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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.
Started his professional career in the coal sector, beginning a journey that would span nearly four decades in India’s coal and power industries.
Moved into the power sector regulatory space, taking on a director-level role in his home state of Odisha.
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.
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.
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).
Contributed board-level financial oversight to PTC India’s financial services arm and its parent company.
Extended his governance experience beyond the power sector into real estate and infrastructure.
| 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 |