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NLC India to Hive Off 708.96 MW RE Assets to NIRL Ahead of INR 4,000 Crore IPO

NLC India has executed an addendum to transfer 708.96 MW of renewable energy assets, including a 4 MW Green Hydrogen project, to its subsidiary NLC India Renewables (NIRL), ahead of the proposed INR 4,000 crore IPO of NIRL by FY27.

September 04, 2026. By Mrinmoy Dey

NLC India (NLCIL) has executed an addendum to its existing Business Transfer Agreement (BTA) with its wholly-owned subsidiary NLC India Renewables (NIRL) for the proposed transfer of 708.96 MW of renewable energy assets, including a 4 MW Green Hydrogen project. It follows the company’s initial BTA announcement in October 2025 to consolidate its renewable energy assets under NIRL.

The move comes as NLC India is preparing to launch an INR 4,000 crore IPO for its renewable arm NIRL by FY27. In January 2026, the company’s board gave in-principle approval for the proposed listing.

The proposed transfer includes renewable energy assets at various stages of construction and operation and will be executed as a slump sale at book value. The assets proposed for transfer have a net worth of INR 925.08 crore as of March 31, 2026, the company stated in a regulatory filing.

It further added that the operational renewable assets generated INR 41.16 crore in revenue from operations during FY26, representing around 0.24 percent of NLC India’s consolidated revenue of INR 17,489.53 crore.

Under the transaction, NIRL will settle the consideration through cash payment or acknowledgement of debt. The transfer is expected to be completed within three months from the date of the agreement, the company stated.

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