NLC India Clears INR 1,630 Crore Investment in Renewables Arm NIRL

NLC India Ltd. (NLCIL) has cleared significant renewable energy investments and financial moves at its recently held Board meeting.

The company’s board gave in-principle approval to infuse up to INR 1,630.89 crore into its wholly-owned subsidiary, NLC India Renewables Ltd. (NIRL). The investment will be made in one or more tranches through equity subscription at face value and will be used to fund upcoming green energy projects.

The proposal is subject to clearance from the Department of Investment and Public Asset Management (DIPAM) and other regulatory authorities.

In a parallel development, NLCIL will raise USD 100 million through a term loan under the External Commercial Borrowings (ECB) route from Japan’s Sumitomo Mitsui Banking Corporation (SMBC). The funds will be directed toward capital expenditure in renewable energy ventures being implemented by NLCIL’s subsidiaries or group entities.

Additionally, the Board has appointed Sundaram and Srinivasan, a Chennai-headquartered firm, as the new tax auditor for FY 2024–25. The 80-year-old firm, which has 14 partners and offices across Chennai, Bengaluru, Mumbai, and Madurai, replaces the outgoing auditor and brings expertise in auditing for manufacturing, public sector, and financial clients.

A Navratna PSU under the Ministry of Coal, NLCIL has been steadily expanding its renewable footprint as part of India’s clean energy transition, with operations based in Chennai and Neyveli.