State-owned NLC India Ltd on Friday announced the incorporation of its subsidiary, NLC India Renewables Ltd (NIRL), to oversee its existing renewable energy projects. NIRL, a wholly-owned subsidiary, was officially formed on June 14, 2023, according to a statement by NLC India.
The primary purpose of NIRL is to acquire and manage the renewable energy projects and assets currently owned by its parent company. In addition to promoting renewable energy initiatives in India and internationally, the subsidiary will focus on developing power generation systems utilizing non-conventional and renewable energy sources. These sources may include wind, hydro, solar, tidal, geothermal, biomass, steam, wave, waste, hybrid, or any other viable form.
The new company has been registered in Chennai and it will commence its business operations in due course. As an entity under the Ministry of Coal, NLC India Ltd is primarily engaged in lignite and coal mining, as well as power generation activities.
The establishment of NIRL reflects NLC India’s strategic commitment to expanding its presence in the renewable energy sector. By consolidating its existing projects and assets into a dedicated subsidiary, the company aims to streamline its operations and enhance its focus on sustainable energy solutions.
India has been actively promoting renewable energy sources to reduce its carbon footprint and dependence on fossil fuels. NLC India’s entry into this sector is aligned with the country’s renewable energy goals and demonstrates its dedication to sustainable development.
Through NIRL, NLC India intends to contribute to the growth and advancement of renewable energy in India and beyond. By leveraging various renewable energy sources, the company aims to harness the potential of wind, solar, hydro, and other forms of clean energy to meet the increasing power demand and foster a greener future.
The formation of NIRL as a specialized subsidiary underscores NLC India’s commitment to diversifying its portfolio and driving the transition towards cleaner and more sustainable energy solutions in line with global trends and environmental objectives.
