NLC India planning to sell renewable assets worth estimated $720 Million – EQ
In Short – NLC India is planning to divest renewable assets valued at approximately $720 million. This strategic move signals a shift towards green energy initiatives, reflecting the company’s commitment to sustainable practices and aligning with global trends in renewable energy investment.
In Details – State-run coal miner and power producer NLC India Ltd. is planning to sell renewable assets worth an estimated 60 billion rupees ($720 million).
The company will put nearly 1.4 gigawatts of mostly solar plants on the market, Chairman M. Prasanna Kumar said in an interview. It hopes to sell them by the end of this fiscal year, and has appointed SBI Capital Markets to advise on the transactions, he said, adding that the valuation is still not final.
The NLC sales come as New Delhi seeks to raise 500 billion rupees via selling assets in the fiscal year that began April 1, according to the interim budget presented by Finance Minister Nirmala Sitharaman in February. Monetizing assets is a way for state-run firms to attract private capital and raise efficiency, according to NITI Aayog, an Indian government run public policy think tank.
