NLC India advanced 3.01% to Rs 284.45 after the company said that it has signed power usage agreement with Telangana State DISCOMs for supply of 200 MW solar power at a competitive and affordable price under CPSU scheme for 25 years.
The companys solar project is set to generate around 1,300 crore units of green power and offset 90 lakh tons of carbon emission in its lifetime.
The said project will be developed with the equipment including single axis trackers, domestic make high efficiency modules aimed for achieving higher generation under Atma Nirbhar Bharat (Make in India). The project is set to be commissioned by June 2025.
This association comes with twin advantage of cheap green power and meeting the renewable purchase obligation of Telangana State, according to companys regulatory filling.
The company stated that it has already been supplying more than 234 MW of affordable thermal power to the state of Telangana for more than three decades and this association in Renewables is the mark of the start of a long journey, for both the state of Telangana and NLCIL towards a sustainable future.
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NLC India is a 'Navratna' government of India company in the fossil fuel mining sector in India and thermal power generation. As of 30 June 2024, the Government of India held 79.20% stake in the company.
The companys consolidated net profit jumped 38.2% to Rs 559.42 crore on 1.8% rise in revenue from operations to Rs 3,376.05 crore in Q1 FY25 over Q1 FY24.
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