State-owned NLC India Ltd. on Thursday said it has entered into pacts with Rajasthan Rajya Vidyut Utpadan Nigam Ltd for the formation of two Joint Ventures for power capacity addition. The first JV is signed between NLC India Renewables Ltd. and Rajasthan Rajya Vidyut Utpadan Nigam Ltd. to set up renewable energy projects in Rajasthan and the second JV is between NLCIL and RRVUNL for the development of a lignite-based thermal power station.
In a statement, the company said, "With the vision of Prime Minister Narendra Modi, for energy security with sustainable energy generation...and in line with corporate plan for aggressive capacity addition, NLCIL has entered into JV agreements for the formation of two significant Joint Ventures with RRVUNL." These JVs mark a significant step towards advancing sustainable energy and power generation.
NIRL is the wholly owned subsidiary of NLCIL.
Lignite-to-power producer NLCIL is planning to raise funds through an Initial Public Offering of NIRL by the first quarter of the next financial year, company's Chairman and Managing Director Prasanna Kumar Motupalli had earlier said.
The PSU is planning to ramp up its renewable energy capacity from the current 1.4 GW to 6 GW by 2030.
The funds raised via the IPO will be used in its clean energy expansion plans, he had said.
NLCIL, under the Ministry of Coal, is into the mining of lignite and coal, and power generation business.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
