Neyveli Lignite Gets Shareholders' Nod for Name Change

New Delhi: State-run Neyveli Lignite Corporation on Friday said it has received its shareholders' approval for changing the name of the company to NLC India Ltd.

The approval was sought through a special resolution via postal ballot for the change of name of Neyveli Lignite Corporation Ltd to NLC India Ltd and consequent alteration to memorandum of association and articles of association of the company, it said in a regulatory filing.

Explaining the reasons behind the move, the PSU last month had said it has embarked on an expansion dive to add power generation capacity by foraying into coal and renewable energy sources such as solar and wind power. It also has plans to acquire power assets and to engage in coal mining besides developing domestic coal blocks.

Since its present activities are no longer restricted to lignite mining and confined to the Neyveli region, its board has accorded an in-principle approval to change its name to NLC India ltd, it had said.

In February, the government has allotted Talabira-II and III coal blocks in Odisha to the PSU, which is looking to ramp up coal-based electricity generation capacity.

Earlier, its chairman and managing director Sarat Kumar Acharya had said that the company had been "allotted a coal block in Jharkand" and they had requested the coal ministry to allot more blocks, which would fuel their "capacity addition in coal-based generation".

NLC plans to have 19,000 megawatt (MW) capacity by 2025, and projects to generate 6,000 MW from coal and 2,500 MW from lignite were already underway, he had said.