NLC India signs MoU with Gujarat govt for up to ₹25,000-cr green projects

NLC India Limited (NLCIL), a Navratna central public sector enterprise under the Ministry of Coal, has signed a memorandum of understanding (MoU) with the government of Gujarat for the development of large-scale renewable energy projects in the state.

The MoU was signed on January 12, 2026, during the Vibrant Gujarat Regional Conference for the Saurashtra and Kutch region.

The non-binding MoU envisages the development of solar, wind, hybrid, and battery energy storage projects, with an aggregate investment

potential of approximately ₹25,000 crore. The projects are expected to generate significant employment opportunities.

The proposed projects will be implemented through NIRL, NLCIL’s wholly-owned subsidiary dedicated to renewable energy, in line with NLCIL’s corporate plan to achieve 10 GW of renewable energy capacity by 2030.

Under the agreement, the Gujarat government will facilitate NLCIL/NIRL in obtaining necessary statutory approvals, clearances, registrations, and other support to enable time-bound project implementation, aligning with the company’s goals of sustainable development, energy security, and decarbonisation.

Yesterday (January 12), NLC India Limited had informed that its board of directors has given an in-principle approvalfor the listing of NLC India Renewables Limited (NIRL), a wholly-owned subsidiary of the company, through the dilution of equity stake up to 25% in one or more tranches via a public offer, subject to requisite approvals from the authorities.

NLC India Ltd had reported a 27.1% year-on-year decline in consolidated net profit for the quarter ended September 2025 at ₹665 crore, compared with ₹912 crore in the corresponding quarter last year.

Its revenue from operations rose 14% to ₹4,178.4 crore from ₹3,657.3 crore a year ago, supported by higher output and improved realisations for the Chennai-based lignite coal miner.

Also Read: NLC India's renewable arm NIRL to raise ₹4,000 Cr via IPO by FY27: CMD

Operating performance was stronger, with earnings before interest, tax, depreciation, and amortisation (EBITDA) up 30.5% year-on-year to ₹1,400 crore from ₹1,073 crore.

Shares of NLC India Limited closed at ₹255.45 on Tuesday, down 0.18% or ₹0.45.