NLC India share: Shares of public sector company NLC India Limited will be in focus on Monday. Actually, its subsidiary company NLC India Renewables (NIRL) has entered into a joint venture (JV) agreement with Assam Power Distribution Company (APDCL). Under this agreement, 1000 MW solar power project will be developed in Assam. Shares of NLC India saw a decline of 2.08 percent on Friday and the stock closed at Rs 240.20 on BSE.
NLC India told, what is the plan
NLC India said in a statement on Saturday that the agreement has been signed between NLC India Renewables Limited (NIRL) and APDCL. NIRL will hold 51 percent stake in this joint venture, while APDCL will hold 49 percent stake.
As per the agreement, NIRL will contribute its expertise in renewable energy project development. At the same time, APDCL will cooperate in land acquisition, regulatory approval and power extraction infrastructure. A 25-year power purchase agreement will be signed with the power distribution companies of Assam for the entire power generated from these projects.
What did NIRL Chairman say?
NIRL Chairman Prasanna Kumar Motupalli said, “This initiative will not only ensure energy security for Assam, but will also accelerate socio-economic development by creating green jobs and enhancing the sustainability index of the state.”
The joint venture aims to meet the growing energy demands of Assam by developing renewable energy projects, ensure affordable and reliable power supply and contribute to the long-term energy security of the state.
NLC India’s business
NLC India is a ‘Navratna’ government company, which operates in the fossil fuel mining sector and thermal power generation in India. The Government of India holds 72.20 percent stake in this company till 30 September 2024. The company’s consolidated net profit declined by 15.9 per cent to ₹911.85 crore in Q2 FY25 compared to Q2 FY24, while revenue increased by 22.8 per cent to ₹3,657.27 crore.
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