NLC India Green Energy Push: ₹1,630 Crore Investment Approved for Renewables Arm.

NLC India Limited is significantly ramping up its commitment to renewable energy with an in-principle approval from its board to invest up to ₹1,630.89 crore in its wholly-owned subsidiary, NLC India Renewables Limited (NIRL). This substantial investment will be made in one or more tranches through the subscription of equity shares at face value.

The move, announced in an exchange filing by the public sector mining and power generation company, is subject to necessary approvals from the Department of Investment and Public Asset Management (DIPAM) and other relevant authorities. The funds are earmarked to finance NIRL's burgeoning portfolio of Green Energy Projects.

In a further push for its renewable initiatives, NLC India's board also gave the green light to secure a term loan in Japanese yen equivalent to $100 million through an external commercial borrowing (ECB) from Sumitomo Mitsui Banking Corporation. This loan will specifically target the capital expenditure funding of renewable projects undertaken by NLC India, either directly or through its subsidiaries and group companies.

These strategic financial injections underscore NLC India's growing focus on diversifying its energy portfolio and contributing to India's renewable energy goals.