NLC India approves Rs 1,630.89 crore investment in Renewable Energy arm

State-owned NLC India Limited Board has approved the in-principle approval to invest upto Rs. 1,630.89 Crore in one or more tranches in NLC India Renewables Limited (NIRL), Wholly Owned Subsidiary of the Company, by way of subscription of Equity shares at face value, subject to necessary approvals from DIPAM and other authorities, if any, as and when required, for funding the Green Energy Projects.

NLCIL's shares are increased by 0.28% as the Board has approved the proposal to invest around Rs 1,630.89 crore in NLC India Renewables Ltd (NIRL).

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Additionally, the company has informed about the Borrowing of Term Loan in Japanese Yen equivalent to USD 100 Million, through External Commercial Borrowing (ECB), from Sumitomo Mitsui Banking Corporation (SMBC) for CAPEX funding of renewable projects to be undertaken by the Company through its Subsidiaries/Group Companies.

Shares of NLC India were closed higher by 0.28% at Rs 225.24 at BSE.

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