NLC India is preparing to list its wholly owned renewable energy subsidiary, NLC India Renewables Limited (NIRL), through an initial public offering of around ₹4,000 crore in FY27.
As part of the preparations for the proposed listing, NLC India has executed an addendum to its existing Business Transfer Agreement to transfer 708.96 MW of renewable energy assets to NIRL. The agreement was signed on September 3, 2026, and covers renewable energy assets at different stages of construction and operation, including a 4 MW green hydrogen project.
The assets will be transferred to NIRL through a slump sale at book value. According to the company, the assets proposed for transfer had a net worth of ₹925.08 crore as of March 31, 2026. The operational renewable assets generated ₹41.16 crore in revenue from operations during FY26, accounting for around 0.24 per cent of NLC India’s consolidated revenue of ₹17,489.53 crore.
Under the proposed transaction, NIRL will settle the consideration either through cash payment or by acknowledging the debt. The transfer is expected to be completed within three months from the date of the agreement.
NLC India had earlier received in-principle approval for the proposed listing of NIRL. The renewable energy arm is being positioned as a dedicated platform for the company’s growing clean energy portfolio ahead of the proposed IPO.
The asset transfer is also aligned with NLC India’s broader renewable energy expansion plans. The company has set a target of reaching 6 GW of renewable energy capacity by 2030, with the consolidation of its renewable assets under NIRL forming part of this strategy.
NIRL has been expanding its project portfolio across solar, wind and energy storage. The subsidiary recently secured a 200 MW wind power capacity through SJVN’s auction and has also been involved in the development of large-scale renewable and storage projects.
