NLC India jumped 6.62% to Rs 232.65 after the company announced the signing of an MoU with the Government of Rajasthan for formation of joint venture to set up 125 MW Lignite-based power plant and 1000 MW Solar power plant.
The MoU between NLC India and Rajasthan Rajya Vidyut Utpadan Nigam (RVUNL) entails an investment of more than Rs 7000 crore.
The MoU outlines the establishment of a 125 MW Lignite Pit-head Thermal Power Plant in Bikaner district and a massive 1000 MW Solar Power Plant. Additionally, a LoI for the setup of an 810 MW solar power plant has already been issued.
"This is in line with corporate plan of NLC India to become a power major of 17 GW capacity with more than 6 GW renewable capacity by 2030, the company said in a statement.
NLC India is a public sector undertaking that is involved in lignite mining, coal mining and power generation. The company, at present, has a lignite mining capacity of 30.1 million tonnes per annum (MTPA), coal mining capacity of 20 MTPA and installed power generation capacity of 6,071 MW as on date. Its power stations cater to the five southern states of Tamil Nadu, Andhra Pradesh, Telangana, Kerala and Karnataka, the Union Territory of Puducherry, as well as Rajasthan through its thermal plant in Barsingsar.
The company reported consolidated net profit of Rs 250.42 crore in Q3 FY24 as compared with net loss of Rs 406.74 crore posted in corresponding quarter last year. Revenue from operations declined 14% YoY to Rs 3,164.40 crore in Q3 FY24.
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