State-run NLC India said on Monday its board has given an in-principle nod to list unit NLC India Renewables through dilution of equity stake of up to 25% in one or more tranches through a public offer.
The move is a part of the Indian government’s wider plan to pursue divestments in state-owned firms, with public sector banks and energy firms at the forefront.
The company, which mines lignite and generates power, said the board’s approval will now be passed on to the federal coal ministry and the government’s department that focuses on divestments, for their approvals.
NLC India’s board also gave in-principle approval to invest up to 666 million rupees ($7.4 million) in NLC India Renewables to fund the unit’s green energy projects through joint venture firms.
Shares of NLC India ended 1.4% higher on Monday.
($1 = 90.1610 Indian rupees)
Reuters
