PTC India and NLC India Renewables Limited (NIRL) have formed a joint venture (JV) company named NIRL PTC Renewables Limited. It will focus on developing green energy projects. NLC India Renewables holds a 74 per cent stake in the JV, with PTC India owning the remaining 26 per cent. The incorporation received approval from the Department of Investment and Public Asset Management, Ministry of Finance, before the company was set up. The shares were subscribed at a face value of Rs 10 per equity share.
Earlier this month, NLC India Limited signed an addendum to its business transfer agreement with NLC India Renewables Limited, its wholly owned subsidiary, for the proposed hiving off of 708.96 MW of renewable energy assets, including a 4 MW green hydrogen project.
Also, NLC India Renewables Limited incorporated a JV company with the Odisha Renewable Energy Development Agency (OREDA). The JV is called NIRL OREDA Renewables Limited. It will focus on setting up green energy power plants, with NIRL and OREDA holding 51 per cent and 49 per cent equity participation, respectively.
