State-owned NLC India's subsidiary NLC India Renewables Ltd (NIRL) has appointed four leading investment banks as book running lead managers for its proposed initial public offering. According to reports from PTI, The Economic Times, The Hindu BusinessLine, and Business Standard, the selected investment banks include SBI Capital Markets, HDFC Bank, IIFL Capital Services, and IDBI Capital Markets & Securities. The appointment follows a board-approved, structured and competitive process conducted through a transparent and competitive evaluation methodology. The BRLMs will advise and assist the company in the preparation and management of the IPO, including undertaking due diligence, preparation of offer documents, coordination with regulatory authorities and intermediaries, marketing of the issue, and other activities in accordance with applicable laws and regulations.
As reported by Business Standard, NLC India's former CMD Prasanna Kumar Motupalli has confirmed that the company is targeting an IPO around September 2026 to raise ₹2,000 crore through a 25% stake divestment. The fund-raising initiative is aimed at strengthening NIRL's capital base and supporting its long-term growth strategy in the renewable energy sector. The proposed IPO is expected to contribute to the country's target of achieving 500 GW of non-fossil fuel-based power generation capacity by 2030. The company has received the necessary approvals from the government to proceed with the listing, with proceeds specifically intended to fund the equity component of NIRL's expansion plans.
According to PTI, The Economic Times, The Hindu BusinessLine, and Business Standard, NIRL was incorporated on June 14, 2023, with the mandate to spearhead the existing 1,785MW renewable business that spans solar, wind, battery energy storage system (BESS), and rooftop solar. The company is engaged in the development, generation, ownership and operation of renewable energy projects, with a focus on supporting India's clean energy transition and the nation's renewable energy capacity expansion objectives. NIRL's current portfolio comprises an aggregate installed capacity of 1,785 MW across solar, wind, battery energy storage systems and rooftop solar, with operational assets in Tamil Nadu, Rajasthan, and Andaman. The company has emerged as a key driver of the nation's renewable energy transition since its inception, positioning itself as a significant player in India's renewable energy capacity expansion objectives.
As reported by PTI, The Economic Times, The Hindu BusinessLine, and Business Standard, NIRL is expanding aggressively across multiple states including Tamil Nadu, Rajasthan, Gujarat, Assam, Maharashtra, Odisha, Uttar Pradesh, and Punjab. The company's mandate extends beyond its current operations to include future renewable energy business of the NLCIL Group, positioning it for continued growth in India's expanding clean energy sector. The proposed listing comes as public sector enterprises increasingly look to unlock value from specialised businesses while raising capital for expansion in sunrise sectors such as renewable energy. For NLC India, traditionally known as a lignite miner and thermal power producer, listing its renewable energy subsidiary would mark another step in its diversification towards clean energy.
