NLC India (NLCIL)jumped 3.57% to Rs 245.45 after the company's board approved to invest Rs 3,720 crore in its wholly owned subsidiary, NLC India Renewables (NIRL) in one or more tranches for the various renewable projects.
The companys board has also approved to acquire 100% stake in NIRL by way of subscribing the equity shares for transferring of renewable assets to NIRL under asset monetization plan at its book value subject to other approvals required in this regard.NIRL will develop renewable power projects in Gujarat & Rajasthan and will carry out the existing renewable power projects of NLCIL under Asset Monetisation Plan.
The net book value of renewable energy assets in the books including CWIP of the ongoing projects of NLC as on 30.09.24 is Rs 6,263 crore.
NLC India is a 'Navratna' government of India company in the fossil fuel mining sector in India and thermal power generation. As of 30 September 2024, the Government of India held 72.20% stake in the company.
The companys consolidated net profit declined 15.9% to Rs 911.85 crore despite of 22.8% increase in revenue from operations to Rs 3,657.27 crore in Q2 FY25 over Q2 FY24.
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