The company plans to dilute equity stake of up to 25 per cent in NLC India Renewables in one or more tranches through public offer, subject to necessary approvals.
The decision is in line with the national monetisation pipeline targets of the Government of India.
The said in-principle approval shall be communicated to the Ministry of Coal for onward submission to the Department of Investment and Public Asset Management (DIPAM) for approval, the public sector major which is into lignite mining, power generation and renewable energy said.
NLC India was the first central public sector undertaking to achieve 1 giga watt of renewables in the country. The company currently has 1.5 gigawatts of renewable energy capacity, with majority coming from solar and a minor 51 megawatt coming from wind.
The company plans to increase its renewable energy capacity 7 times to 10 gigawatts by 2030. It also diversified into areas like battery energy storage systems, pumped storage systems among others.
NLC India board also gave in-principle nod to invest Rs. 66.60 crore in one or more tranches in NLC India Renewables Ltd for funding the green energy projects, to be executed through joint venture companies.
