NIRL will bring its expertise in renewable energy project development. APDCL will facilitate land acquisition, regulatory approvals, and power evacuation infrastructure. power purchase agreements will be signed with Assam DISCOMs for the sale of 100% of the generated power for 25 years.
The JV aims to address Assam's growing energy demands by developing renewable energy projects, ensuring affordable and reliable power supply, and contributing to the state's longterm energy security. The partnership aligns with the Government of India's focus on increasing renewable energy penetration in the country's energy mix to combat climate change and support sustainable development, stated the company.
Prasanna Kumar Motupalli, chairman ogf NIRL said, “This JV signifies our collective resolve to empawer Assam with clean and sustainable energy solutians. By leveraging the synergies behveen NIRL and APDCL, we aim to build robust infrastructure for renewable energy generation and distribution. This initiative will not only ensure energy security for Assam but also catalyze socio-economic development by creating green jobs and enhancing the State's sustainability index.”
NLC India is a 'Navratna' government of India company in the fossil fuel mining sector in India and thermal power generation. As of 30 September 2024, the Government of India held 72.20% stake in the company.
The company’s consolidated net profit declined 15.9% to Rs 911.85 crore despite of 22.8% increase in revenue from operations to Rs 3,657.27 crore in Q2 FY25 over Q2 FY24.
The scrip declined 2.08% to close at Rs 240.20 on Friday, 10 January 2025.