nlc india ltd share price Directors report

Dear Members,

It is indeed my proud privilege on behalf of our Board of Directors to present the 67th Boards Report on the business and operations of the Company together with the Audited Financial Statements for the year ended 31st March, 2023 and the reports of Statutory Auditors and Comptroller and Auditor General (C&AG) of India.

The Financial Year 2022-23 has been a year of good achievements for your Company with all round performance. The significant highlights of achievements during the financial year (FY) 2022-23 are as follows:

a) Coal Production touched a new high of 100. 26 LT with 57.69% increase over the last financial year.

b) Highest ever Power Generation by NLCIL Group -30.08 BU with 3.01% increase over the last financial year.

c) All time ever highest Green Power Generation of 2.19 BU during the FY 2022-23.

d) Achieved CAPEX of Rs. 3,308 Crore against a target of Rs. 2,920 Crore.

e) All time ever highest procurement through Government e Marketplace (GeM) as a group having a value of Rs. 1,028 Crore during the FY 2022-23 which is 65.03% of total procurement of Rs. 1,581 Crore.

f) GeM Portal ranked NLCIL as No.1 for Timely payments and No.2 for Overall ranking among Top 20 CPSE Buyers for FY 2022-23.

g) All time highest ever other income of Rs. 198.75 Crore through Disposal Department during the year.

h) Signed PPA with KSEBL for 400 MW of NLC Talabira Thermal Power Project with this, PPA for 2,000 MW out of 2,400 MW of this project has been signed.

i) Signed Memorandum of Understanding (MoU) with Assam Power Distribution Company Limited (APDCL) for development of 1,000 MW of RE projects in the state of Assam on 09th August, 2022.

j) Signed MoU with National Institute of Wind Energy (NIWE) on 19th October, 2022 for collaboration in the domain of Wind Energy.

k) Signed MoU with Bharat Heavy Electronic Limited (BHEL) on 12th October, 2022 for Study on pilot plant for Lignite to syngas Integrated with Clean Power Generation by IGCC and production of value added chemicals.

l) Signed MoU with GRIDCO for setting up Ground mounted/floating solar plants, Pumped hydro storage and Green Hydrogen on 01st December, 2022.

m) Issued Letter of Award (LOA)of contract value of Rs.1,755 Crore for setting up of 300MW Solar Plant at Barsingsar Project on 27th March, 2023.

n) MoC has awarded 4 Mines of NLCIL with 5 Star rating and 1 Mine of NLCIL as 4 Star rating. Neyveli Lignite Mine II was ranked No.1 with 5 star rating among 199 mines in Base Year 2020 - 21 and similarly Mine I was ranked No. 1 among 206 mines, in Base year 2021-22.

o) Mine I & IA - Sale of Minor Minerals was started from 14th March, 2023 and earned a revenue of Rs. 2.58 Crore.

p) Signed MoU with PTDC (Pondicherry Tourism Development Corporation Ltd) for promoting Mine Eco Tourism on 05th October, 2022. During FY 2022-23, 8430 persons visited Neyveli Mines and eco-parks.

q) MoU signed with TWAD Board by which NLCIL will supply 425 Lakh litres of water per day for benefit of 6 town panchayats, 625 villages and 7.91 Lakh people.

r) Tripartite meeting conducted at Neyveli (NLCIL, DGMS & Recognised Trade union leaders) on 25th April, 2022 regarding safety in Neyveli Mines.

s) Total Revenue from Coal sale is Rs. 1773.50 Crore for FY 2022-23 which is the highest ever revenue generated since inception.

t) Signed MoU with "The Nature Conservancy India" to reuse its mined-out land by setting up RE projects and to take action to reduce carbon emissions.

u) Entered the Countrys First ever Coal swapping arrangement for NTPL with NTPC, for Talabira Coal with MCL Coal.


The total power generating capacity of the Company as on 31st March, 2023, including wind and solar power generation is 5,061.06 MW and for NLCIL Group is 6,061.06 MW (including the capacity of NTPL, the Subsidiary Company).

During the FY 2022-23, the total Power Generation (Gross) was 24,152.81 Million Units (MU) and the power generation including Power surrender was 24,775.05 MU, as against 25,022.36 MU and 25,828.15 MU, respectively achieved during the FY2021-22. The Power Export during the year 2022-23 was 21,281.99 MU as against 22,041.04 MU achieved in the year 2021-22.

The average Plant Load Factor (PLF) of the Thermal Power Plants of the Company during the year 2022-23 was 68.86% as against the National Average of 64.15%.

The total power generation including NTPL was 30,082.80 MU against the previous year generation of 29,204.82 MU

Mining - Lignite & Coal

Your Company is presently operating three opencast Lignite Mines at Neyveli in the State of Tamil Nadu and one opencast Lignite Mine at Barsingsar in the State of Rajasthan. The total mining capacity of all the Lignite Mines is 30.10 MTPA. Your Company has also started Coal mining operations in Talabira II & III Opencast Coal Mines at Odisha, with a mining capacity of 20.0 MTPA, from 26th April, 2020. Thus, the total mining capacity of your Company is 50.10 MTPA.

During the FY 2022-23, the total overburden (OB) removed in the Lignite & Coal Mines was 1,533.28 Lakh Cubic Metre (LM3) as against 1,531.33 Lakh Cubic Metre (LM3) removed in the year 2021-22. The Lignite Production in the year under review was 235.30 Lakh Tonne (LT) as against 251.13 LT during the year 2021-22 while the coal production achieved was 100.26 LT as against 63.58 LT during the year 2021-22.

The Raw Lignite Sales (RLS) to TAQA, the IPP and direct sales during the year 2022-23 was 12.34 LT & 8.84 LT (including RLS from Barsingsar Lignite Mine), respectively as against 14.60 LT & 18.44 LT, respectively achieved in the year 2021-22. The Coal sales from the Talabira Coal Mines during the year under review was 98.97 LT as compared to 63.69 LT during the year 2021-22.

With respect to coal production in Talabira Mines, considering the high demand of coal especially for power generation, your Company has taken steps to achieve production of 100.26 LT as against the original target of 80.00 LT. Your Company is also taking all out efforts to augment the Coal production of Talabira Mine during the current year. This will not only provide fuel security to End Use Plants but also make available coal in the market. The coal produced is being supplied to one of the End Use Plant viz., NTPLs Plant at Tuticorin, Tamil Nadu.

Sale of excess Coal

Recent Amendment to Mines and Minerals (Development and Regulation) Act and Mineral Concession Rules by Ministry of Coal, Govt. of India on 1st October, 2021 has enabled the Mine for sale of excess Coal after meeting the coal requirement of End Use Plant. Further, approval has also been granted by MoC for the sale of coal upto 75% of coal production till 31st March, 2026 after meeting the requirements of End Use plants subject to certain conditions.

During the year, Coal sale through E-Auction was 7.21 LT.


The output per man-shift achieved during the year 2022-23:


1 Unit 2022-23


Tonne 16.53


KwHr 39,532

Financial Performance

During the year ended 31st March, 2023, your Company on a Standalone basis had registered a revenue from operations of Rs.12,955.00 Crore as against Rs.9,856.48 Crore during the year 2021-22. The Profit Before Tax (PBT) and Profit After Tax (PAT) for the year 2022-23 were Rs.1,724.15 Crore and Rs.1,248.24 Crore respectively, as against Rs.2,606.42 Crore and Rs.1,236.78 Crore respectively during the previous year ended 31st March, 2022.

On a consolidated basis, the total revenue from operations for the year 2022-23 was Rs. 16,165.24 Crore as against Rs.11,947.94 Crore in 2021-22. The consolidated PBT and PAT for the year 2022-23 were Rs.2,055.79 Crore and Rs. 1,426.10 Crore respectively as against Rs. 2,603.14 Crore and Rs. 1,115.65 Crore respectively in the year 2021-22.

The details of profit earned for the financial year 2022-23 and appropriation of the same are as follows:

(Rs. Crore)




2022-23 2021-22 2022-23 2021-22

Revenue from operations

12,955.00 9,856.48 16,165.24 11,947.94

Profit Before Tax

1,724.15 2,606.42 2,055.79 2,603.14

Tax Provision

475.91 1,369.64 630.66 1,488.01

Profit /(Loss) for the Period (PAT)

1,248.24 1,236.78 1,426.10 1,115.65


Transfer (to) / from Interest Differential Fund Reserve

(4.33) (4.90) (4.33) (4.90)

Transfer to PRMA Reserve Fund

(14.29) (1.50) (14.29) (1.50)

Transfer to Contingency Reserve

(10.00) (10.00) (10.00) (10.00)

Dividend (Interim / Final )

(416.00) (416.00) (416.00) (456.92)

Shareholding of Government of India

The present shareholding of the President of India in the Company is 79.20%.


For the year 2022-23, the Board of Directors of your Company had paid an Interim Dividend of 15% ( Rs. 1.50 Per equity share). Further, your Board has also recommended a final dividend of 20% ( Rs. 2.00 per equity share) subject to the approval of the shareholders. The total dividend for the year 2022-23 including Interim Dividend already paid is 35% and the same works out Rs. 485.32 Crore.

Transfer to Reserve

There is no amount proposed to be transferred to the Reserves.

MOU Parameters

Thirty Six vendors had sought permission to get registered in TReDS Portal and NLCIL had accepted all the Thirty Six requests and all got registered in TReDS portal. NLCIL also got registered in TReDS portal to facilitate transaction resulting in 100% acceptance of Goods and Services through TREDS portal.

The details of projects under implementation are as under:

Mine IA Expansion

This Expansion Project is being implemented to expand Mine IA from 3.0 MTPA to 7.0 MTPA at a cost Rs. 709.06 Crore. The achieved physical progress is 75.36% and the cumulative expenditure incurred on this project upto 31st March, 2023 is Rs. 535.75 Crore. In terms of the notification issued by CERC and as per the accounting policy of the Company, 1st April, 2022 has been reckoned as date of commencement of commercial operation in respect of Mine-IA Expansion and expected to attain the normative capacity of 7.0 MTPA by the year 2027-28. Accordingly, the capitalization of Rs. 526.55 Crore including value carried out from CWIP balances as on 31st March, 2023.

Lignite to Methanol

As a diversification initiative, your Companys initiative to set up the Lignite to Methanol Project utilizing the lignite from Neyveli Mines at Neyveli with a plant capacity of 1200 Tonnes per Day (TPD) on Lump Sum Turnkey (LSTK) mode, at an estimated cost of Rs. 4,383 Crore has been approved. Engineers India Limited (EIL) has been appointed as the Project Management Consultant for this Project. This Project is anticipated to be completed within 42 months from the zero date. NLCIL has entered into engineering service agreement with licensor M/s Air Products. Obtaining Environmental clearance for this project from MoEF & CC is in process. GTE floated for LEPC-1 (Gasification Block) and for LEPC-2 (Methanol Synthesis Block) and tendering for both the packages is in process.

150 MW Hybrid (Solar+Wind) RE Power Project (SECI)

Your Company had participated in the 1200 MW Wind & Solar Hybrid RfS floated by SECI for a capacity of 150 MW and emerged as a successful bidder with a quoted tariff of Rs. 2.34/Unit. LOA has been received from SECI to this effect. NLCIL had participated and bagged SECI Hybrid Tender for 150 MW (Wind+Solar). NLCIL has submitted Performance Bank Guarantee (PBG) to SECI and PPA has been signed with SECI. Your Company has floated tenders for setting up of 50 MW Wind and 100 MW Solar projects on Pan India Basis. Bid evaluation under process for both tenders.

510 MW solar power project under CPSU scheme

Your Company has emerged as a successful bidder in IREDA CPSU scheme tender for setting up 510 MW solar power project. The Project is being executed in 3 phases of 300 MW in Rajasthan, 200 MW on Pan India Basis and 10 MW Neyveli for Smart City. Your Company has issued LoA to M/s Tata Power Solar Systems Limited (TPSSL) for 300 MW Solar Power Project at Barsingsar. Consent from Beneficiary (M/s RUVNL) was received for 300 MW. For remaining 200 MW, tendering under process. Telangana State DISCOM conveyed their consent for usage of 200 MW power at a tariff Rs. 2.57/unit.

Ground Mounted Solar Power Project (10 MW) at Neyveli sanctioned at a cost of Rs.42.94 Crore is in line with the criteria prescribed by Ministry of Housing and Urban Development, Nodal Ministry for smart cities being declared as "Mini Smart City". 10 MW solar panels were synchronised with grid.

NLC Talabira Thermal Power Project (3 X 800 MW)

NLC Talabira Thermal Power Project (NTTPP), a coal based thermal power project of capacity 2,400MW with three units of 800 MW capacity each, is proposed to be set up at Jharsuguda & Sambalpur District in the State of Odisha, linked to the allocated captive mine Talabira II & III OCP at a total estimated project cost of Rs.19,422 Crore. The proposed plant will be of state of the art Ultra Super-critical technology, compliant with latest emission norms. All statutory approvals for setting up the project including the Environmental Clearance have already been obtained. Power Purchase Agreement for the off-take of 2,000MW power from this project has already been signed with TANGEDCO (for 1,500MW), Puducherry Discom (for 100MW) and KSEB Kerala (for 400MW). Signing of PPA with GRIDCO Odisha (for 400MW) is expected shortly. The EPC Notice Inviting Tender for the project has been floated and techno-commercial bids opened and QR evaluation completed. The first Unit of the project is scheduled to be commissioned in 52 months from the date of award of the EPC Contract and the other units with a phase shift of 6 months each. The land acquisition for the project is in progress.

Thermal Power Station II 2nd Expansion (2 X 660 MW)

Thermal Power Station II 2nd Expansion (TPS II SE) is a lignite based thermal power plant of capacity 1,320 MW with two units of 660 MW capacity each, proposed to be set up at Mudanai village (near Neyveli), Cuddalore District, Tamil Nadu which is linked to Lignite Mines of Neyveli. Similar to NTTPP, this project is also proposed to be set up based on the state of the art Ultra Super-critical technology, compliant with latest emission norms. All necessary approvals for setting up the project including the Environmental Clearance have already been obtained. TANGEDCO has expressed their willingness to procure the entire 1,320 MW from this proposed project. However, MoP has allocated 1,081.69 MW to TANGEDCO and 40.31 MW to PED. Land for the project is already in possession of your Company. Consent to Establish is also available. The first unit of the project is scheduled to be commissioned in 50 months from the date of award of the Contract and the second unit with a phase shift of 6 months.

Overburden (OB) to M-Sand

Your Companys in-house research centre, CARD had earlier undertaken a research project jointly with IIT/Madras for conversion of OB materials into aggregates and the preliminary study indicated that OB materials contain 40% to 70% sand & considerable quantity of clay. Board of Directors of your Company has approved setting up of M-Sand Beneficiation Plants at Neyveli for producing M-Sand from each Mine under Build, Own & Operate (BOO) Model based on the detailed feasibility report and financial appraisal report at an estimated capital expenditure of Rs.180 Lakh. Order issued for Mine-IA on 31st March, 2023 for setting up of M-Sand Plant of 0.42 MTPA Capacity and is expected to commence operation by January, 2024. Mine-I M-Sand Plant tendering is under process.

Neyveli Uttar Pradesh Power Limited (NUPPL) - A Joint Venture between NLCIL & UPRVUNL-Ghatampur Thermal Power

Revised cost estimate (RCE) of Rs.19,406.13 Crore for the project has been approved by MoC. PPA has been signed with Assam in line with MoP power allocation. Project progress is affected due to slow progress of works in Balance of Plant (BOP) package (GA3) and because of lockdown due to COVID-19 resulting in shortage of manpower at site, delay in supplies and diversion of oxygen cylinders from site to hospitals etc. and disturbances in GA3 package related supply chain.

Pachwara South Coal Block (09 MTPA)

The Mining plan & Mine Closure plan of PSCB has been approved by MoC. NUPPL Board has accorded approval for the Feasibility & Bankability Report of PSCB and the same has been submitted to MoC for further approval from Public Investment Promotion Board (PIB). Environmental Clearances, Forest Clearances, Land Acquisition for coal evacuation route of PSCB and development of Rail Infrastructure for Coal Evacuation is under progress.

Mine III

The project with a capacity of 11.50 MTPA encompassing a project area of 3,893 Ha is proposed to be commissioned to fuel the requirement of TPS II 2nd Expansion at an estimated cost of Rs.3,755.71 Crore. The block has a mineable reserve of 415 MT. The process for obtaining all necessary approvals for commencement of mining project is in progress. The project is expected to commence its operations by 2027. Revised Mining Plan (MP) as per the revised guidelines is under approval. Administrative approval from GoTN for Land Acquisition is in process.

Consultancy Services for developing Coal Block

Your Company has been awarded a work order for providing consultancy services to Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) for selection of MDO, supervision & monitoring of exploration and other site activities for its Saharpur Jamarpani Coal Block in Jharkhand.

The details of projects under formulation are as under:

Green Energy

Considering the thrust being given by the Government of India (GoI) for green energy and competitive market of renewable energy, together with the tax benefits available to new manufacturing companies and with the focus shifting towards cleaner sources of power and the Government setting a target of 450 GW of Renewable Energy (RE) capacity by 2030, your Company has also exploring RE business as its next pillar of growth. Your Company has prepared its business plans to tap this opportunity appropriately while continuing work on operating its thermal fleet efficiently, economically and reliably to meet the growing energy needs of the country.

Commercial Mining

Recently GOI has launched the auction process for commercial mining of various coal blocks across the Country. As Members may be aware that GOI with a view to increase the coal production has removed various restrictions including the end use criterion. It is expected that the demand for coal would continue to be in existence and the total demand for Non-Coking Coal is forecasted at 1,331 MT by the year 2047. As part of its growth plan, based on the exploration status, geological reserves, topographical features, tentative ratio, local issues and other relevant data, your Company has short-listed three coal blocks namely Machhakata (revised) in Talcher coalfield, Angul district of Odisha, North Dhadhu (eastern part) and North Dhadu (western part) in north Karanpura coalfield, Lathehar district of Jharkhand for commercial mining. Out of the three coal blocks, Your Company won the bid for North Dhadu (Western Part) Coal Mine in Latehar District of Jharkhand @ 6% revenue sharing. The coal mine forms part of the North Karanpura coal field and it is having an area of 5.33 sq. km. It is fully explored having a geological reserve of 435 MT of G12 grade. Tentative capacity of the coal mine is 3 MTPA. The coal will be sold to the potential consumers located in the states of Uttar Pradesh, Bihar and Jharkand.

Mining Projects

Your Company is presently operating three opencast lignite Mines at Neyveli in the State of Tamil Nadu and one opencast lignite Mine at Barsingsar in the State of Rajasthan. The total mining capacity of all the lignite Mines is 30.10 MTPA. Your Company has also started Coal mining operations in Talabira II & III Opencast Coal Mines at Odisha, with a mining capacity of 20.0 MTPA, from 26th April, 2020. Thus, the total mining capacity of your Company has increased to 50.10 MTPA.

In the Coal Sector, presently your Company operates an open cast coal mine of capacity 20 MTPA at Talabira, in the State of Odisha and through NUPPL, its Subsidiary, your Company is developing the Pachwara South Coal Block in the State of Jharkhand, with a capacity of 9 MTPA. Your Company has intended to enter into commercial mining of coal, with a planned addition of 15 MT, thereby envisaging an aggregate mining capacity of 44 MTPA in the Coal Sector.

Total CAPEX projected for FY 2023-30 for the mining projects is Rs. 8,351 Crore.

Power Generation Projects

Your Company is currently operating five lignite based thermal power stations, four at Neyveli, in Tamil Nadu and one at Barsingsar, in Rajasthan, with an aggregate capacity of 3,640 MW. Your Company through NTPL, the Subsidiary, is operating one coal based thermal power plant of 1,000 MW (2 X 500 MW) capacity. On implementation of two Coal based Thermal Power Projects viz GTPP (NUPPL) of capacity 1,980 MW (3X660 MW) and Talabira Thermal Power Project (Phase I & II) of capacity 3,200 MW (4 X 800 MW) and lignite based Thermal Power Project TPS II 2nd Expansion of capacity 1,320 MW (2X660 MW), the power generation capacity would reach 11,140 MW. The Projected CAPEX for the Thermal Energy is Rs. 46,023 Crore. On Renewable front, by 2030, NLCIL plans to increase its capacity from 1,421 MW to 6,031 MW by implementing various Solar & Wind Projects. The Projected CAPEX for Renewable Energy is Rs.23,403 Crore.

Diversification Projects:

NLCIL has adopted the diversification strategy and has ventured into implementation of OB to M-Sand, Lignite to Methanol, Battery storage & Green Hydrogen. Further, EV Charging stations, Lignite to diesel, IGCC Technology projects are being taken up on Pilot Scale under Clean Energy. MoU signed with WAPCOS on 27th May, 2023, for the purpose of carrying out collaborative technical services and advisories for development of various schemes of Pumped storage, Reservoirs/Storage, Run of River Hydro-Power Projects in India.

The total capital expenditure for mining, power generation and diversification businesses has been projected to be Rs.82,174 Crore during FY 2023-30.

NLC Tamil Nadu Power Limited (NTPL) - A Joint Venture between NLCIL and TANGEDCO Tuticorin Power Plant (1000 MW) in Tamil Nadu

As Members may be aware that NTPL, the Subsidiary Company is operating a 1,000 MW coal based thermal power plant in Tuticorin in the State of Tamil Nadu. During the year 2022-23, the total Power Generation (Gross) of NTPL was 5,929.99 MU (excluding power surrender) as against 4,182.46 MU registered in the year 2021-22.

During the year ended 31st March, 2023, NTPL registered a revenue from operations of Rs. 3,502.78 Crore as against Rs.2,221.60 Crore registered in the year 2021-22. The Profit Before Tax & Profit After Tax for the year 2022-23 were Rs.433.08 Crore and Rs. 278.65 Crore respectively as against Rs. 329.65 Crore and Rs. 211.28 Crore registered in the year 2021-22. Interim Dividend of Rs.0.50 (5%) per equity share was declared by NTPL Board for the FY 2022-23 and the same was paid on 01st December, 2022.

Neyveli Uttar Pradesh Power Limited (NUPPL) - A Joint Venture between NLCIL & UPRVUNL Ghatampur Thermal Power Project (GTPP) (1,980 MW) linked to Pachwara South Coal Block (9.0 MTPA) in Jharkhand

NUPPL, the Subsidiary Company is implementing the 3 x 660 MW Ghatampur Coal based Thermal Power Project (GTPP) at Ghatampur Tehsil, Kanpur Nagar District in the State of Uttar Pradesh at a project cost of Rs. 17,237.80 Crore. The revised project cost of Rs. 19,406.12 Crore has been approved by Ministry of Coal, Gol. As per the present progress of the project, project is expected to be commissioned during FY 2023-24. The delay in execution of the Project was mainly due to the slow progress of works in Balance of Plant (BOP) Package (GA3), as the Package Contractor M/s. BGRSE is under financial stress. Further, because of lockdown during the period of Covid-19 pandemic, Inter-State Migrant Labours (ISML) returned to their native places besides the inadequacy of skilled man power and disturbances in supply chains distributions during that period contributed to the delay in the progress of the project.

This project is being monitored by MoC and at the apex level by the Office of Prime Minister and is considered as the signature project. The Board of NUPPL is taking all necessary steps to expedite the implementation of the Project. NUPPL has signed a Power Purchase Agreement (PPA) with Uttar Pradesh Power Corporation Limited (UPPCL) for supplying 75% of the Power from the plant. In line with the revised power allocation by Ministry of Power, Gol, PPA for 492.72 MW power (24.88%) has been signed with APDCL on 13th June, 2023.

The coal supply for the GTPP is linked to Pachwara South Coal Block (PSCB) which is in advance stage of obtaining necessary clearances/approvals for commencement of mining operations. Based on the Companys request, CEA had recommended Coal India Limited (CIL) to supply 0.99 MT (0.33 MT for each unit) coal to GTPP to facilitate commissioning activities, trial run & achieving COD etc. The remaining quantity of Coal is expected to be supplied from the Talabira II & III OCP Mine belonging to your Company till commencement of operation of PSCB. Standing Linkage Committee (Long-Term) on 16th June, 2023, recommended bridge linkage of 2.64 MT operational coal for FY 2023-24 from Coal India Limited.

The project has achieved a CAPEX of Rs. 1,510.76 Crore in the year 2022-23. The cumulative expenditure incurred since inception up to 31st March, 2023 is Rs. 14,871.83 Crore.

Pachwara South Coal Block (9.0 MTPA) in Jharkhand

NUPPL has been allotted Pachwara South Coal Block (PSCB), in the State of Jharkhand, with a capacity of 9.0 MTPA (Normative) & 13.50 MTPA (Peak), at an estimated cost of Rs. 1,795.01 Crore. In order to develop and operate the above Coal Block, MIPL GCL Infra contract Private Limited has been appointed as the Mine Developer Operator (MDO). Geological Report (GR), Mining Plan & Mine Closure Plan have been approved by MoC. Final EIA/EMP report along with application for EC has been uploaded at PARIVESH portal of MoEF&CC. Environmental Advisory Committee (EAC) has recommended for a grant of Environmental Clearance in the meeting held on 21st July, 2023. Proposal for Stage-I Forest Clearance has been forwarded to MoEF & CC by the Government of Jharkhand. The coal block was allocated under Coal Mines Special Provisions Act and accordingly MoC issued a notification u/s 19 (1) of Coal Bearing Areas (Acquisition and Development) Act, 1957 for land acquisition. For Land acquisition proposal for R&R Colony, Coal evacuation route and Administrative Office/Township etc., Sec 11(1) notification under Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 has been issued by District Authority, Dumka, Jharkhand on 19th July, 2023. The Project has achieved a CAPEX of Rs. 4.22 Crore in the year 2022-23. The cumulative expenditure incurred up to 31st March, 2023 was Rs. 43.50 Crore.

Coal Lignite Urja Vikas Private Limited (CLUVPL) - A Joint Venture Company between NLCIL & CIL

Your Company had entered into a Joint Venture Agreement with Coal India Limited (CIL) to implement conventional and non-conventional power projects by forming a JV Company with an equity participation of 50% each. The JV Company "Coal Lignite Urja Vikas Private Ltd" was incorporated on 10th November 2020.

The JV Company has been awarded the Project Management Consultancy Contract by South Eastern Coalfields Limited (SECL) for developing 40 MW Solar Power Project at Bishrampur and Bhatgaon locations of SECL in the State of Chhattisgarh. Presently the project activities are in progress.

MNH Shakti Limited

Mahanadi Coalfields Limited, your Company and Hindalco jointly formed MNH Shakti Limited with an equity participation of 70:15:15 to implement 20.0 MTPA Coal Mining Project in Talabira, in the State of Odisha. The Talabira II & III Coal Blocks allocated for this purpose have been cancelled pursuant to the judgement of Honble Supreme Court of India and the Coal Mines (Special Provisions) Ordinance, 2014. The JV Company has been proposed for winding up and necessary formalities are underway. In the meantime, MNH Shakti Limited with the approval of its shareholders has reduced its Paid-up Equity Share Capital from Rs.85.10 Crore to Rs.35.10 Crore by way of cancellation of five Crore equity shares of Rs.10/- each aggregating to Rs.50 Crore and the said amount has been returned to the JV Partners in accordance to their shareholding in the JV Company.

NLC India Renewables Limited (NIRL)

Your Company has incorporated NLC India Renewables Limited (NIRL), as its wholly owned subsidiary on 14th June, 2023 to take over the existing renewable assets of your Company

In this regard, your Company plans to consolidate almost all its Renewables Assets under its Asset Monetization plan. After identifying the Renewables Assets, the Company will apply for the requisite approvals from the Government and other statutory bodies. After receiving the requisite approvals, your Company will process the transferring of RE assets to the new Company. NITI Aayog has not given any specific target for Asset Monetization for the year 2022-23.

Details of loans and investments covered under the provisions of Section 186 of the Companies Act, 2013 forms part of the Financial Statements.

Deposits Rs. Rs.B Rs.

The Company has not accepted any deposits from the public during the year.

During the financial year 2022-23, your Company has not issued any Bonds.

Commercial Paper

During the financial year 2022-23, due to better fund management, sales bill discounting and increase in realisation has improved the liquidity position of the Company and hence, the Company has not issued any commercial paper.

Sales Bill Discounting

During the financial year 2022-23, your Company has offered the Sales Bills Discounting facility available in the Banking System with recourse to your Company and the power bills issued were discounted by DISCOMs. The total value of sales bills discounted during the year under review was Rs. 3,448.69 Crore. During the year under review, there were no instances of bankers sending the bills to the Company for meeting the obligations since the DISCOMs have honoured their commitments to the Bankers on the due date.

Credit Rating for Borrowings

During the year, your Company has retained AAA rating for Long Term Borrowings including Issue of Bonds and A1+ for issue of Commercial Papers from Credit Rating Agencies. The present ratings are given below:

L Rating Agency / Particulars

Rating Assigned


Non-Convertible Debentures - Secured

Rs. 2,000 Crore



Working Capital Loan

Rs. 5,000 Crore


on-Convertible ebentures (Issued ar ount- Rs.2,175)

Rs. 3,000 Crore


Proposed Term Loan

Rs. 1,695 Crore


3 CARE Ratings

Solar 500 MW

Rs. 512.31 Crore

CARE AAA; Stable


Rs. 2,100 Crore

CARE AAA; Stable

Commercial Paper

Rs. 6,000 Crore


4 India Rating (Fitch Group)

Solar 709 MW

Rs. 1,681 Crore

IND AAA/Stable

Non-Convertible Debentures - Secured

Rs. 2,000 Crore

IND AAA/Stable

Non-Convertible Debentures - Unsecured

Rs. 2,175 Crore

IND AAA/Stable

Commercial Paper

Rs. 6,000 Crore

IND A1 +

T] Infomerics Ratings

Talabira Mine

Rs. 1,428.51 Crore

IVR AAA/Stable

6 Acuite Ratings & Research

Rs. 1,000 Crore


Power Dues Realisation:

• During the year under review, your Company had received an amount of Rs. 7,138.89 Crore out of the total billed value of Rs. 7,990.73 Crore for the FY 2022-23. In case of NTPL, total amount realized was Rs. 3,220.74 Crore against billed value of Rs. 3,495.70 Crore. Collection efficiency of the Company as a whole stood at 90.19%.

• The outstanding power dues including for the month of March, 2023 invoices as on 31st March, 2023 is Rs. 4,794 Crore as against Rs. 3,958 Crore for the corresponding period of the year ended 31st March, 2022. The increase in the outstanding dues is mainly on account of debit notes raised towards various tariff orders issued by CERC, which will be realized in instalments and debits notes issued for amount recoverable from DISCOMs towards Income Tax settled under Vivad Se Vishwas Scheme. The dues beyond the 45 days limit as on 31st March, 2023 is Rs. 3,544 Crore as against Rs. 2,675 Crore for the corresponding period of the previous year ended 31st March, 2022.

• During the year under review, MoP had notified the late payment surcharge rules on 3rd June, 2022 in which provision was made for liquidation of overdues prior to 3rd June, 2022 through installment plan. Subsequently, DISCOMs availed the instalment scheme for old dues to the tune of Rs. 982.21 Crore. Also, the current bills are being settled by the DISCOMs in a timely manner.

• Further, the DISCOMs were encouraged & persuaded to avail Bill Discounting Scheme to liquidate their dues, which resulted in the realization of dues to the tune of Rs. 3,448.69 Crore through bill discounting from the DISCOMs.

Power Trading in Power Exchange

• During the year 2022-23, 220.70 MU of Un-Requisitioned Surplus (URS) power was sold from NLCIL thermal power stations in different market segments of Power Exchange leading to a gross revenue addition of Rs. 94.64 Crore. As per the CERC IEGC Regulation & MoP Electricity (Late Payment Surcharge and Related Matters) Rules 2022, gains earned from sale of such URS power is being shared with the beneficiaries.

• Whenever opportunity arises, NLCIL is continuously trading surrendered power from its thermal stations in Day Ahead Market (DAM) & Real Time Market (RTM) segments of Indian Energy Exchange (IEX) based on availability of surplus lignite & technical capabilities of thermal stations.

• NLCIL has also traded 138.65 MU of power in FY 2022-23 as against 91.23 MU in the year 2021-22 under Trading License which includes sale & purchase of power for various grid connected entities.

• Power Trading agreements were signed with three new clients for buying power from IEX through NLCIL during the period 2022-23.

Regulatory affairs

• During the year 2022-23, CERC has issued Truing up orders 2014-19 and Tariff orders 2019-24 for all the Thermal plants except BTPS and NNTPS. Also, Commission has issued wage revision order for increase in O&M expenses for control period 2014-19. Truing up Orders of Lignite Transfer Price for 2014-19 pertaining to Neyveli Mines and Barsingsar Mines have also been issued.

• Your Company has filed Review Petitions before Honble Commission against Lignite Truing up Orders of 2014-19 and Honble Commission has admitted the Review Petition for additional capitalization, wage revision and inclusion of stores component and has kept aside the review of pooled O&M expenses citing that the same will be dealt based on outcome of APTEL for similar issue for the period 2009-14 in respect of Neyveli mines. Company has also filed Review Petition before Honble Commission in respect of Lignite Transfer Price Truing Up Order 2014-19 and Honble Commission has admitted the petition for review of additional capitalization and inclusion of stores component for Barsingsar Mines.

• For expeditious resolution of truing up of pooled O&M expenses of Neyveli Mines for 2009-14, your Company has filed for short-course hearing at APTEL, which has been admitted. Hearing will be scheduled in due course.

• The Input Price petitions for NLCIL Neyveli Lignite Mines, Barsingsar Lignite Mines for the period 2019-24 and Talabira Coal Mines for the period 2021-24 have been filed before CERC.

Your Company practices and promotes the best Environment Management Plan (EMP) since its inception and is committed to environment friendly mining and power generation. The environment policy of your Company is in line with the Vision and Mission Statement.

Ministry of Coal has constituted an Apex Committee with Additional Secretary/ MoC as its Chairman to monitor the compliance of Environmental Clearance (EC) and Forest Clearance (FC) conditions in Lignite / Coal Mines. In this connection, your Company has constituted Environmental Monitoring Committees at Head Quarter (HQ) level and Area level as per the guidelines of Ministry of Coal for the above monitoring purposes.

Your Company continued to undertake mass tree plantations during the year for the benefits of slope stabilisation of the Mines Overburden dumps in order to convert the Mine soil into cultivable soil making it fit for habitation. The Company started investing in Eco-care since its inception leading to a development of a lush habitat which has been converted into Eco-parks & Eco tourism locations. The greenbelt developed also acts as barrier to arrest the air pollution and prevents soil erosion besides Sequestration of CO2 in the atmosphere.

The units have installed dust suppression mechanisms such as water sprinklers, spray guns, Fog Cannons etc. to control the fugitive dust. The Ambient Air Quality (AAQ) is being monitored regularly in the surrounding villages and is well within the prescribed norms.

Consequent to the Amendments of Environment (Protection) Act, 1986, the norms for water consumption and emissions from Power Plants [Particulate Matter (PM 2.5 & PM10), Sulphur dioxide (SO2), Oxides of Nitrogen (NOx) & Mercury (Hg)] have been made stringent for the existing as well as new Thermal Power Plants. In this regard, installation of Flue Gas De-sulphurisation (FGD) Systems is in progress.

As a result of continued environmental management measures undertaken, your Company has received many awards for maintaining better environmental management practices. The lists of such awards received during the year 2022-23 are as under:

> Greentech Intl. EHS award supported by MoEF & CC - Winner for outstanding achievements in Environment Leadership.

> Grow Care India Environment Excellence Platinum Award 2021- under Environment Preservation Category.

> Fly Ash Utilization Award 2022- For efficient management of Fly ash management in NLCIL (Southern Region) by Mission Energy Foundation.

> TPS II conferred as Winner under "Best Performing Unit" presented by National Power Plant Awards -2023 - Council of Enviro Excellence (CEE)

> BTPS has been awarded with "Gold Award" for 13th Exceed Occupational Health Safety Award & conference 2022 in Power Sector for FY 2022-23

> BTPS bagged Winner prize for 100% Fly Ash Utilization Award by Mission Energy Foundation during FY 2022-23.

> Barsingsar project was selected as Winner under Leading Project of the year category for green-tech Intl Leadership Award 2023 in FY 2022-23.

> BTPS won Excellence Awards from Mission Energy Foundation under the "Clean Generator of the Year - Lignite" & "Excellence in implementation of new Environmental Norms existing TPPs"

> Mine II bagged Green Tech Environment Award 2023 Winner under Environmental Preservation category.

> NNTPS bagged the prestigious award of "Winner - Southern Region" for Excellence in Environment Sustainability 2022 as the best efficient plant in IPP - Fly Ash Utilization category organized by Council of Enviro Excellence (CEE) in the virtual event held on 18th August, 2022.

> NNTPS bagged "Green Leaf Award-2021" for Environment Excellence from Apex India Foundation on 5th May, 2022.

During the year, your Company had taken Mega Insurance Policy for the Assets and Stocks of Production Units viz. Mines, Thermals & Renewable Energy (RE). It broadly covers, Material damage (MD) of all Mine assets and Material damage (MD), Machinery Breakdown (MBD), Fire Loss of Profit (FLOP) & Machinery Loss of Profit (MLOP) of all Thermal & RE assets. Assets of Service units are covered under Standard Fire and Special Peril Policy (SFSP) which also cover Electronic Equipment Insurance (EEI), Transit Insurance, Public Liability Industrial Risk Insurance.

The extensive land requirement for continuous mining necessitates invoking the law for the acquisition of private property leading to involuntary displacement of people. Your Company is sensitive to the painful involuntary relocation of displaced families and strives to minimize the trauma of such displacement besides continuously and consciously balance the techno economic and the socio-economic goals of its projects. Your Company is following sustainable Land Acquisition policies as per the approved norms and regulations issued by Central and concerned State Government from time to time.

The law applicable for the acquisition of lands for the projects in the State of Tamil Nadu has been changed from the Central Act 1 of 1894 to the Tamil Nadu Acquisition of Lands for Industrial Purposes Act,1997 (TN Act 10 of 1999) with effect from 20th September, 2001.

Your Company has been following the National Policy on Rehabilitation and Resettlement, 2007 for the benefit of the Project Affected Population, for lands acquired upto 31st December, 2013. The Provisions for compensation and R&R as per Schedule-I, II & III of "Right to Fair Compensation and Transparency in Land Acquisition Rehabilitation and Resettlement Act - 2013" (RFCTLARR) are applicable since 1st January, 2014 to your Company. A revised R&R policy was unveiled by the Honble Minister for Coal on 17th January, 2022 and as per this policy in addition to the monetary benefits as per the provisions of Schedule-II of RFCTLARR Act, the settlers on Govt. lands are also covered for some more benefits besides providing alternate house sites, annuity or onetime grant in lieu of employment. Your Company has diligently revised its Rehabilitation and Resettlement (R&R) policy in November, 2022 once again to offer enhanced benefits to the project-affected families, surpassing the provisions stipulated in the RFCTLARR Act, 2013 in light of the difficulties faced in land acquisition.

Your Company takes good care of the Project Affected Persons (PAPs) through R&R Policy measures thereby minimizing the trauma of displacement. The guidelines issued by the Government of India, from time to time on R&R for the on-going projects are being duly complied with. Your Company develops the Re-settlement Centres (RCs) and also provides good infrastructure facilities thereby helping the affected families to re-settle in the RCs. In addition to this, legal compensation is also being paid with the co-operation of the District Administration.

Centre for Applied Research & Development (CARD) is the in-house R&D Centre of the Company and has been recognized by the Department of Science & Technology. CARD has been granted NABL accreditation by National Accreditation Board for Testing and Calibration Laboratories (NABL) based on the international standard ISO/IEC 17025:2017.

The major functions of CARD include:

1. Carrying out Science & Technology (S&T) Research Projects,

2. Technology development, patenting and commercialization based on the R&D and Pilot Plant outcome, Coordinating for S&T Projects undertaken by the Company, institutional services to students, special studies for operation & new schemes and new initiatives etc.

3. R&D works on lignite utilization, diversification, product development, by-product utilization, solid waste management, wasteland reclamation, Renewable energy, Clean Coal Technologies, introduction of real time monitoring facilities etc.

4. Environmental monitoring, Pollution level measurements, Quality control Testing & Consultancy, Technical services.

5. Rendering analytical services towards quality control of various products/materials used in mines, Power stations and other service units as well as outside agencies on chargeable basis.

CARD has successfully developed the following pilot plants based on the outcome of the R&D studies:

1. Humic Acid

2. Separation of Iron particles from bottom slag

3. Extraction of sand from Mines overburden

4. Biofertilizer

5. Zeolite

6. Solar Drying of Lignite

7. Activated Carbon from Lignite

8. Floating Solar as a part of Business Diversification Plan.

As per the action plan announced in the CPSE-PM Conclave for "Vision New India 2022", your Company has initiated action for setting up Innovation Incubation Centre (IIC) in association with Indian Institute of Science (IISc) and with Anna University, at a total outlay of Rs. 9.39 Crore. In the first wave, six tri-party agreement has been signed between innovators, NLCIL and respective institutions. Execution of 1st wave prototype project works are in progress. In the second wave, Evaluation of Proof of Concept to take up the projects to prototype scale is in progress. In the third wave, shortlisting of PoC proposals is in progress.

The total R&D expenditure, incurred as a group during the year 2022-23 was Rs. 26.98 Crore.

Your Company believes in its human assets who are the key performers driving the Companys growth. Your Company provides a conducive working environment to its employees wherein they deliver their best potential.

Your Company strongly believes that the pursuit of excellence can be achieved only through competency building, encouraging good work practices and enabling a learning culture. Learning and Development Centre (L&DC) continuously strives to harness the in-house talents by focusing on areas like emerging technology, environmental consciousness, structured on boarding and mentoring using varied modalities and blended learning opportunities.

Apprenticeship training being provided as per guidelines of the Regional Director of Apprenticeship Training, Chennai (RDAT) and the Board of Apprenticeship Training (BOAT) of Southern Region, Chennai.

Your Company continued its faith in participative management and has a regular system of holding bipartite structured meetings with the Recognised Unions (collective bargaining agents) / Associations in addressing the common issues of the employees. The significant events of IR department during FY 2022-23 are as below:

1. Awards and Recognition

NLCIL has bagged "The Best Organisation Proactive IR Practice Award 2022" by the Southern India Chamber of Commerce and Industry (SICCI) for implementing the best IR practices at the National IR Conference and IR Awards 2022 on 17th December, 2022.

2. Regularisation of 427 Contract Workmen

ln accordance with the settlement under sec.12(3) of the ID Act, 1947 entered into between the Contractor Employers and trade union representing contract workmen in the presence of NLCIL Management, 427 numbers of contract workmen have been regularised in NLCIL rolls.

3. Issuance of Stitched Uniform to Contract Workmen

In accordance with the settlement under Sec. 12 (3) of the ID Act, 1947 entered into between the Contractor Employers and trade union representing contract workmen in the presence of NLCIL Management, it was agreed to provide two sets of stitched uniform to the contract workmen engaged through the private Contract Employer. Accordingly, two sets of stitched uniform issued to around 10,500 contract workmen during FY 2022-23.

In General, Industrial Relations scenario in NLCIL was normal and no man hour lost during the financial year 2022-23.

The total employee strength (including subsidiaries) stood at 10,781 as on 31st March, 2023 as against 11,246 as on 31st March 2022.

Reservation of Posts

Your Company scrupulously follows the reservation policy applicable to SCs, STs and OBCs as prescribed in the presidential directives / GOI Guidelines. The group-wise representation of SC/ST/OBC as on 31st March, 2023 stands as follows:

Strength of SC/ST/OBC % of SC/ST/OBC


lotai Strength SC ST OBC SC ST OBC


3073 656 305 581 21.35 9.93 18.91*


223 44 9 75 19.73 4.04 33.63


5974 1170 67 2166 19.58 1.12 36.26


1511 391 5 875 25.88 0.33 57.91


10781 2261 386 3697 20.97 3.58 34.29

*strength of OBCs on rolls of NLCIL after reservation for OBCs came into effect w.e.f 8th September, 1993.

However more than required percentage of employees (covered in the Central list of OBC category) have been recruited on the strength of BC category prior to reservation for OBCs came to effect and continue to be on the rolls of the Company.

Educational facilities

Your Company is presently running 9 Schools with student strength of 4,647 nos. The schools admit children coming from peripheral villages, wards of employees, contract employees, daily wages workmen and others from economically weaker sections of society.

Scholarship Schemes and Tuition Fee Concession

Your Company provides educational assistance(scholarships) to the wards of employees belonging to General, SC/ ST, OBC category and wards of Contract Workmen for pursuing higher studies (under graduate degree / diploma / professional courses) till the duration of the course subject to a maximum of five years.

Educational Assistance

Beneficiaries during AY 2022-23 Amount Disbursed


333 R 32.08 Lakh


306 R 35.22 Lakh


552 R 63.10 Lakh


1191 R 130.40 Lakh

Besides these schemes, NLCIL presents cash award to meritorious wards of employees secured 80% & above in CBSE and 90% & above in State Board 10th & 12th Std. exams.

In addition to the above, your Company reimburses the tuition fees every year (ranging from R15,440/- to R43,350/- per annum) for students belonging to SC/ST/ OBC category (predominantly hailing from the surrounding villages of NLCIL projects) studying in Jawahar Science College, Neyveli, patronised by your Company.

Category of students

Beneficiaries during AY 2022-23 Amount sanctioned


399 R 108.86 Lakh

OBC (wards of Non-NLCIL employees)

924 R 261.32 Lakh


1323 R 370.18 Lakh

Medical Facilities

The Companys health care model for protecting, preserving and promoting the health and wellbeing of workforce is a time tested one with proven results. The Company which believes that healthy workforce is the key driver of its economic well being is supporting a sustainable health care model since instituting the Hospital in 1962. NLCIL Hospital - a secondary level medical facility with a bed capacity of 350 provides the following medical care facilities/ services to the villages in and around Neyveli:

• Emergency care linked with Advanced Life Support ambulance services for inter-facility transfer of critically ill patients to higher centres. High End Cardiac Centre with State-of-the-art "Cath Lab Facility" which was established in collaboration with Shri Kauvery Medical care (India) Ltd., Trichy at NLC India Hospital, Neyveli was inaugurated on 22nd December, 2022. The centre is equipped to handle all medical emergencies with 25 bedded Cardiac facility. Procedures like coronary angiogram, Emergency and elective coronary Peripheral Angioplasty, pace maker implantation and other procedures can be carried out in this centre.

• 8 bedded emergency unit equipped with centralized oxygen and suction lines, bed monitors, devices and mini operation theatre is capable of handling all emergencies including trauma and industrial accidents.

• Emergency care service is provided on 24 X7 basis. Patients are treated in various specialties that include General Medicine, General Surgery, Obstetrics & Gynaecology, Paediatrics, Orthopaedics, Ophthalmology, ENT, Dermatology, Chest Medicine, Psychiatry, Dental and Ayurveda Services.

• Out Patient Department (OPD) service is well supported by diagnostic facilities, pharmacy and other therapy.

• Two Renal Care Units (RCU) - RCU I run by the Company and RCU II through an outsourced facility, with a combined capacity of 28 beds provide haemodialysis service to chronic kidney disease patients.

• Surgical care services in General Surgery, Ophthalmology, ENT, Orthopaedics, Obstetrics & Gynaecology and Dental leveraging the two state of the art Theatre Complexes adequately staffed with anesthesiologists, OT Nurses and OT Technicians to support all major surgeries at secondary level.

In coordination with State health dept, the following were implemented for the benefit of the general public:

• Family Welfare Services for achieving fertility control among the local population.

• Universal Immunization programme for protecting children and adults against all infectious diseases.

• Integrated Counselling and Testing, Treatment facilities for HIV infected patients.

• Revised National Tuberculosis programme for prevention and treatment of TB among the local population.

• National Leprosy Control Programme for early detection and treatment of leprosy among local population.

• Occupational Health services that monitor health and wellbeing of workforce through medical surveillance programme.

• Community Health camps to reach out to rural population and create awareness on various health issues

• Geriatric care services to the inmates of Anandha Illam run by the Company for care of elderly persons who have no family support.

• Company has taken all the necessary steps for health and Safety of its employees by conducting 100% initial medical checkup of all employees and contract workmen , Periodical medical checkup of 100% employees and contract workmen of age more than 50 years and more than 30% for employees and contract workmen of age less than 50 years.

• ENT workstation and new IHMS application at NLC Hospital were inaugurated on 6th March, 2023. The New ENT workstation is designed to enhance the Diagnostic aspects of Ear, Nose & Throat at the Out Patient setup itself. It has another component, the video laryngoscope helps in visualization of voice box and for assessment of voice disorders difficulty in swallowing.

• NLC India Limited has launched its latest Integrated Hospital Management System (IHMS) to manage various aspects of the daily operations.

Multi-disciplinary team approach is adopted to provide a holistic health screening experience to the beneficiaries. Disciplines of General Medicine, Obstetrics & Gynaecology, Paediatrics, Ophthalmic, Dermatology, ENT, Chest medicine, Ayurveda Medicine, Ortho, Physiotherapy and Dental from the clinical team provide comprehensive screening and wider coverage of treatment for women, children and elderly population. NLC India Hospital has successfully completed 10 medical camps in year 2022-2023.

Elders Home

To fulfil the special needs and requirements of the senior citizens, your Company runs ANANDA ILLAM in Neyveli. This elders home provides hospice & home care to the elders and help them to lead a happy and peaceful life with dignity. The employees of your Company also lend their helping hand by contributing a fixed amount every month from their salary to run the old age home.

Compliance under Persons with Disabilities Act, 2016

Your Company has evolved a comprehensive policy for Persons with Disabilities (PwDs) as per the guidelines issued by DoPT for providing certain facilities / amenities to PwDs to meet their requirements and enable them to effectively discharge their duties. The strength of PwDs as on 31st March, 2023 stood at 212.

"SNEHA" Opportunity Services and School

Your Company implements various social welfare measures towards the cause and upliftment of the Physically Challenged Persons through Neyveli Health Promotion and Social Welfare Society (NHPSWS), "SNEHA" Opportunity Services and School both patronised by your Company. This School imparts education and training to mentally challenged children (75 children: Boys-58 & Girls-17) which includes training in vocations like arts & crafts, candle making, paper cup & cover making, carpentry, gardening, cooking and doormat weaving.

Neyveli Health Promotion and Social Welfare Society (NHPSWS)

Through the society, Tricycles, Wheel chairs, Hearing aids etc. are distributed at free of cost to the disabled persons during Independence Day and Republic Day celebrations. The society runs retail outlet shops namely VAIGHAI.

Implementation of Official Language Act, 1963

Your Company has made all concerted efforts to promote the Official Language Implementation Policy in line with the provisions and guidelines prescribed by Government of India under the Official Language Act, 1963.

In line with the Policy of Government of India and the Provisions prescribed under the Official Language Act, 1963 your Company continues to promote the Official Language and periodic Official Language Implementation Committee (OLIC) meetings are held to monitor the implementation of Official Language Policy. During the year under review, Hindi Workshops were organised besides celebration of Hindi Fortnight wherein competitions on Essay Writing, Poetry and Noting & Drafting in Hindi were conducted.

WIPS NLCIL chapter was formed in 12th February, 1990 and is a Corporate Life Member in the SCOPE since 1990. The strength of women employees in the Company as on 31st March, 2023 stood at 890 constituting 8.26% of Companys human resource.

WIPS, NLCIL organised campaign supporting the Flood affected people. The WIPS, NLCIL won second position in the Best Enterprise in Navratna category for the outstanding efforts undertaken for women both in NLCIL and among society at the 33rd National meet at Kolkata on 10th to 11th February, 2023.

Your Company is taking pioneering efforts in the industrial safety area along with, the on-going safety related initiatives, apart from compliance of statutory requirements for enhancing safety standard in all the Mines and Thermal Plants which are given below:

• Safety audit of all the Mines is conducted by ISO Team every year and Safety audit of Thermal plants is conducted by accredited external agencies once in two years.

• Central Safety Council members comprising representatives of different units make inspection of the predetermined unit every month and present its findings to the Unit Head.

• Conducting workshops & Training on Safety by Mines and Thermal units.

• Life-Saving Rules have been prepared & implemented in all the units.

• Conducting Safety officers meet every month by Central Safety Wing and discussing the Safety performance, Action taken on recommendations, etc.

• Mines at Neyveli (Mine I, Mine IA & Mine II) are being operated with State-of-the-Art Technology i.e., Bucket Wheel Excavators, Spreaders, stackers and series of conveyors having inbuilt safety features.

• Standard Operating Procedures (SOPs) have been established for all the activities of the mines and thermal plants and are strictly implemented.

• Risk assessment based Safety Management Plans (SMPs) have been prepared as per Coal Mines Regulation, 2017 for all the mining activities like Bench operation, Specialized Mining Equipment (SME), Conveyor Zone, Ground Water Control (GWC), conventional Mining Equipment (CME) etc. and is being practiced.

• Pit Safety Committee meeting for the mine is conducted every month besides special safety meetings by individual divisions like conveyor division, blasting division, electrical division etc. Similarly, Unit Safety committee meeting is conducted by all thermal plants every month.

• Weekly Safety inspections of Mines, Thermal plants and other units are being carried out by Central Safety Wing executives and inspection report is submitted to Unit Heads for compliance and improvement in safety standard.

• NLCIL Industrial Medical Centre has been recognised as training centre for imparting First Aid Training by DGMS (Directorate General of Mines Safety).

A comprehensive Integrated Risk Management Policy and Frame work as approved by the Board is in place in your Company. Besides risk prioritization, the roles and responsibilities of the Members are clearly defined. As per the policy, an Internal Risk Review Committee (below Board level) review the risks on a quarterly basis. The risk assessment together with the minimization procedure is reviewed by the Risk Management Committee, Audit Committee and the Board periodically.

The activities undertaken by Vigilance Department are Pro-active & Punitive and other measures to sensitize the employees of the Company. Complaints received in the department are dealt based on the "Complaint Handling Policy" and are processed through the Complaint Tracking System (CTS) from receipt up to disposal. As a preventive measure, Surprise Checks, Regular Checks, Quality Checks, Follow-up Checks and CTE Type Examinations are conducted.

As a part of Preventive Vigilance exercise, Customized Training Programmes on "Learning Through Vigilance Cases, Quiz Competition" were conducted at Thermal Units, various Mines, Offices at Neyveli, Barsingsar Project, NTPL, NUPPL & Talabira Project to sensitize the officials on Contracts/ Purchase and various CVC guidelines issued in this regard through Vigilance case studies.

New e-initiatives viz., Digitalization of Land Management portal, Mine Vehicle Tracking system Mobile Application & Project Affected Persons Data Management System were inaugurated.

Quarterly Structured Review meeting with CMD were undertaken for reviewing Vigilance Activities. The required Monthly, Quarterly and Annual reports on Vigilance activities are furnished to CVC and Ministry of Coal.

Your Company is committed to have most ethical business dealing with the Vendors, Bidders and Contractors of goods and services and deal with them in a transparent manner with equity and fairness. To achieve these goals, your Company is implementing the Integrity Pact Programme in co-operation with Central Vigilance Commission (CVC) and renowned International Non-Governmental Organisation, Transparency International India (TII). Integrity Pact with the suppliers / contractors for all Tenders with an estimate of Rs. 1 Crore rupees and above are monitored.

During the year 2022-23, two Structured meetings are held with the Independent External Monitors (IEMs) wherein procurement and contract related issues and complaints are taken up. During the period, IEMs held 11 review meetings wherein, the orders covered under Integrity Pact were reviewed and held 8 meetings with Contractors for the Tender/ Contract related issues raised by the Contractors/Vendors.

To protect against cyber security threats, your Company has a maze of protective equipment like Network and Web application firewall for perimeter security and antivirus protection to desktops/laptops.

Your Company has undertaken the following initiatives while transforming to digital culture:

a. SAP ERP is used as the enterprise software for core business.

b. E-Procurement of products and services through a common portal.

c. Email, intranet, SMS services help for dissemination of information. Virtual Private Network (VPN) has enabled extended office connectivity.

d. Video Conferencing and virtual meetings are being conducted with remote Projects & Business units.

e. Pro-Active and Digital Initiatives like E-office, Document Management System and E-payments have ensured digitization of documents and paperless processes. These have enabled e-governance by ushering in more effective and transparent processes.

f. Supported by a robust network infrastructure with the project sites connected by MPLS, Hyper Converged Infrastructure for Servers, your Company is in the process of embracing new technological platforms to make the infrastructure more robust and seamless.

g. Your Company has taken measures to maintain Inventory of all Critical Information assets with risk Assessment and Business Impact Analysis and Contingency plan for IT systems for strengthening Cyber Security of the organization.

h. The digitisation efforts has been a definitive step towards making the internal processes robust and unified which is contributing immensely towards addressing the Environment Social Governance (ESG) parameters for the Company.

Your Company has set up a software based Legal Compliance Management System (LCMS) for effectively monitoring and ensuring compliances of all legal provisions applicable to the Company.

Your Company, as a socially responsible corporate citizen, continues to carry out developmental works in the surrounding villages, right from its inception, focusing on the socio economic development of the operating regions for achieving inclusive & sustainable growth.

Your Company is adopting a Corporate Social Responsibility Policy covering the various sectors of sustainable socioeconomic development. Your Company focuses on healthcare, education, sanitation, safe drinking water, hunger, poverty and malnutrition eradication, women empowerment, gender equality, environment sustainability, rural sports, protection of National Heritage, Arts and Culture, Rural Development, Water Resource Augmentation. The funds utilised for the CSR projects, programs and activities selected for implementation are as per the CSR Policy of the Company which is available in the website in the following link website/index.htm During the year 2022-23, your Company had spent Rs.43.07 Crore which is more than 2% of the average net profits of the Company for the last three years.

The details on specific Corporate Social Responsibility projects undertaken in compliance with Section 135 of the Companies Act, 2013 is placed as Annexure- 1.

In recognition of its various activities, your Company, has been conferred with the following awards during the year 2022-23:

> Greentech Intl. EHS award supported by MoEF & CC - Winner for outstanding achievements in Environment Leadership.

> Grow Care India Environment Excellence Platinum Award 2021- under Environment Preservation Category.

> Fly Ash Utilization Award 2022- For efficient management of Fly ash management in NLCIL (Southern Region) by Mission Energy Foundation.

> TPS II conferred as Winner under "Best Performing Unit" presented by National Power Plant Awards - 2023 - Council of Enviro Excellence (CEE).

> Mine II bagged Green Tech Environment Award 2023 Winner under Environmental Preservation category.

> TPS-I Expn conferred with CBIP award 2022 for best performing thermal power station in the country.

> TPS-II received the Best Performing Unit award in the category of IPP Lignite - Between 125 to 250 MW in recognition of outstanding achievements in exceptional unit performance, efficiency and reliability from Council of Enviro Excellence.

> BTPS has been awarded with "Gold Award" by Apex India Green Leaf Awards 2021 in Thermal Sector for environment excellence and energy efficiency during the FY 2022-23.

> BTPS won Environment Excellence Awards from Mission Energy Foundation in two categories of Clean Generator of the Year - Lignite and Excellence in implementation of New Environmental Norms existing TPPs during FY 2022-23.

> BTPS awarded with "Gold Award" for the 13th Exceed Occupational Health Safety Award & Conference 2022 in Power Sector during the FY 2022-23.

> Barsingsar Project has been selected as Winner under Leading Project of the Year Category for Greentech Intl. Leadership Awards 2023 in FY 2022-23.

> BTPS awarded with "Excellent Award" for the "National Convention on Quality Concepts." (NCQC-2021)

> BTPS has been awarded with winner prize for 100% Fly ash utilization by Mission Energy Foundation during the FY 2022-23.

> TPS-II Expansion has bagged "Occupational Health and Safety Award - Gold Award" for Occupational Health and Safety from sustainable development foundation in Nov-22 at Goa.

> TPS-II Expansion has bagged "Kalinga Safety Award - Platinum category" in National Safety Conclave 2022 at Bhubhaneswar.

> NLCIL Stood 1st Place for timely payment and 2nd place in overall ranking among the top 20 CPSEs in GeM Procurements as per updates dt. 16th March, 2023.

> Developer of Year in PSU Category award at EQs SuryaCon Coimbatore Conference + Tamil Nadu State Annual Solar Awards on 02nd February, 2023.

> NNTPS bagged the prestigious award of "Winner - Southern Region" for Excellence in Environment Sustainability 2022 as the best efficient plant in IPP - Fly Ash Utilization category organized by Council of Enviro Excellence (CEE) in the virtual event held on 18th August, 2022.

> NNTPS was awarded "GOLD AWARD" by Sustainable Development Foundation supported by Ministry of Labour Employment GOI for power sector for Occupational Health and Safety in the event held in Goa on 25th November, 2022.

> NNTPS bagged "Green Leaf Award-2021" for Environment Excellence from Apex India Foundation on 5th May, 2022.

> NNTPS bagged the prestigious award of "Winner- Best Performing Unit" in the category of IPP Lignite - above 250MW organized by Council of Enviro Excellence (CEE) in the virtual event held on 14th March, 2023 for National Power Plant Awards Year 2023.

> Mine II has been bestowed with the most prestigious "NATIONAL SAFETY AWARD 2021" for lowest injury frequency rate per million cubic meter output.

> Barsingsar Lignite Mine awarded with Overall First Prize in the Safety Week Celebration- 2022-23 under aegis of DGMS, Northern Zone.

> 5 Star Rating

Rs. Mine-I (2nd Place), Mine-II (1st Place), BLMP (14th Place) & Talabira II & III OCP (13th Place) for FY 2020-21.

Rs. Mine-I (1st Place), Mine-II (10th Place), BLMP (3rd Place) Talabira II & III OCP (15th Place) for FY 2021-22.

> 4 Star Rating

Rs. Mine-IA (16th Place) for FY 2020-21.

Rs. Mine-IA (32nd Place) for FY 2021-22.

Your Company ensures compliance under the Right to Information Act, 2005. Central Assistant Public Information Officers representing different functional areas, Nodal Officer, Central Public Information Officer, Appellate Authority and Transparency Officer have been nominated to attend to the queries and appeals received under the RTI act in a time bound manner.

During the year 2022-23 under the above Act, 468 applications containing 1,759 queries were received and 449 applications have been disposed off as on 31st March, 2023. 76 RTI First Appeal have been received out of which 74 have been disposed as on 31st March, 2023.

The Ministry of Micro, Small and Medium Enterprises (MSMEs) has notified the Public Procurement Policy. The total procurement made from MSMEs during the year 2022-23 was 33.64% as against the target of 25%. Your Company has on boarded on Trade Receivable e-Discounting System (TReDS), a platform which facilitates the financing of trade receivables of MSMEs from corporate and other buyers, including Government Departments and Public Sector Undertakings (PSUs), through multiple financiers.

During the year 2022-23, your Company as a group has procured goods & services from Government e-Marketplace (GeM) Portal for Rs. 1,028 Crore. Efforts are being continuously made to maximize the procurement in GeM Portal by using the functionality of "Custom Bid" introduced in GeM during the year 2020.

Your Company maintains Citizens Charter, indicating details of clients, customers under different heads, different system of redressal of grievance etc. and the same is regularly updated.

The particulars required under Section 134(3)(m) of the Companies Act, 2013 regarding conservation of energy, technology absorption and foreign exchange earnings and outgo are furnished in Annexure-2.

The Management Discussion & Analysis Report is furnished in Annexure-3. The report on Corporate Governance on the compliance of Corporate Governance conditions stipulated by SEBI (Listing Obligations and Disclosure Requirements) Regulation,2015 and the DPE guidelines on corporate governance is furnished in Annexure-4.

The Auditors Certificate on the compliance of above Corporate Governance Conditions is furnished in Annexure - 5. Annual Return

In accordance with the Companies Act, 2013, the annual return in the prescribed format is available at https://www.

Particulars of Contracts or Arrangements with Related Parties

All related party transactions entered during the year 2022 - 23 were in the ordinary course of the business and are on an arms length basis. The disclosure of related party transactions as required under Section 134(3)(h) of the Companies Act, 2013 in Form AOC 2 is not applicable to your Company. Members may refer to note no. 38 to the financial statement which sets out related party disclosures pursuant to Ind AS-24.

Declaration by Independent Directors

The Independent Directors have given a declaration on meeting the criteria of independence as stipulated in Section 149(6) of the Companies Act, 2013 & Regulation 25(8) SEBI (LODR) and they have registered their names in the Independent Directors Databank.

Particulars of Employees

As per provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, every listed Company is required to disclose the ratio of the remuneration of each Director to the median employees remuneration and details of employees receiving remuneration exceeding limits as prescribed from time to time in the Directors Report.

However, as per notification dated 5th June, 2015 issued by the Ministry of Corporate Affairs, Government Companies are exempted from complying with provisions of Section 197 of the Companies Act, 2013. Therefore, such particulars have not been included as part of Directors Report.

Disclosures with respect to Demat Suspense Account/ Unclaimed Suspense Account in terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015.

As on 31st March, 2023, there were 1000 shares pending unclaimed in the Demat Suspense Account/unclaimed Suspense Account.

Material changes affecting financial position occurring between the end date of Financial Year and the date of the Report.

There are no material changes affecting the financial position of the Company between the end of the Financial Year and the date of this Report.

Sexual Harassment of Women at Workplace:

As required under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, suitable mechanisms were put in place in NLCIL to address the issues faced by women employees. A separate Internal Complaints Committee has been constituted for looking into the complaints relating to sexual harassment of women at workplace. During the year 2022-23, one complaint was received and same has been resolved and as such no case is pending.

Statutory Audit

M/s. R Subramanian and Company, LLP, Chartered Accountants and M/s. Manohar Chowdhry & Associates, Chartered Accountants were appointed by the Comptroller and Auditor General of India (C&AG) as the Joint Statutory Auditors for the year 2022-23 under Section 139 of the Companies Act, 2013. The Board of Directors of your Company has fixed Rs. 45 lakh plus applicable taxes as the Statutory Audit fees for the year 2022-23, to be shared equally by the Joint Statutory Auditors.

Branch Audit

M/s. Dhoot & Associates, Chartered Accountants, has been appointed as the Branch Auditor for the year 2022-23 by C&AG for conducting the audit of Mine and Thermal Units at Barsingsar. The Board of Directors of the Company has fixed Rs.5.0 lakh plus taxes as the Branch Audit fees for the year 2022-23.

M/s. Kadmawala & Co., Chartered Accountants, has been appointed as the Branch Auditor for the year 2022-23 by C&AG for conducting the audit of Mines at Talabira. The Board of Directors of the Company has fixed Rs.5.0 lakh plus taxes as the Branch Audit fees for the year 2022-23.

Secretarial Audit

M/s. Kumar Naresh Sinha & Associates, Practicing Company Secretaries, was appointed as the Secretarial Auditor for the year 2022-23. The Secretarial Audit report for the year 2022-23 & the reply to observations of the Secretarial Auditors and the Secretarial Auditor Reports of the Subsidiary Companies are furnished in Annexure-6.

Cost Audit

M/s. R.M. Bansal and Co., Kanpur, was appointed as the Cost Auditor for the year 2022-23 to conduct Cost Audit for Mines & Power Stations of the Company.

In accordance with the provisions of Section 148(1) of the Act, read with the Companies (Cost Records and Audit) Rules, 2014, the Company has maintained Cost Accounts and Records.

C&AGs Comments:

Comments of the Comptroller & Auditor General of India (C&AG) on the Financial Statements of the Company for the year ended 31st March, 2023 under Section 143(6)(b) of the Companies Act, 2013 along with the Management reply to the comments thereon are furnished in Annexure-7.

Directors Responsibility Statement as per Section 134(3)(c) & 134(5) of the Companies Act, 2013:

The Board of Directors declares that:

a. In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

b. The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the Profit and Loss of the Company for that period;

c. The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. The Directors had prepared the annual accounts on a going concern basis;

e. The Directors, had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

f. The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.


Details of appointment of Directors on the Board of the Company are as under:

a. Shri M T Ramesh has been appointed as Independent Director w.e.f. 06th April, 2022.

b. Shri Suresh Chandra Suman has been appointed as Director (Mines) w.e.f. 11th May, 2022 and also appointed as a Director (Finance) additional charge w.e.f. 01st January, 2023.

c. Shri Prasanna Kumar Motupalli has been appointed Chairman and Managing Director w.e.f. 12th January, 2023.

d. Smt. Vismita Tej, Additional Secretary, Ministry of Coal, Government of India has been appointed as Government Nominee Director, w.e.f. 22nd February, 2023.

e. Shri Samir Swarup has been appointed as Director (Human Resources) w.e.f. 27th February, 2023.

f. Shri M. Venkatachalam has been appointed as Director (Power) w.e.f. 26th April, 2023.

g. Dr. Beela Rajesh, Principal Secretary to Government of Tamil Nadu, Energy Department has been appointed as Government Nominee Director w.e.f. 10th July, 2023.


The following Directors relinquished from the Board of Directors of the Company:

a. Shri N K Narayanan Namboothri and Shri Muralidhar Goud ceased to be Independent Directors w.e.f. 10th July, 2022.

b. Shri Jaikumar Srinivasan ceased to be Director (Finance) w.e.f 22nd July, 2022.

c. Shri Rakesh Kumar ceased to be Chairman and Managing Director w.e.f. 1st January, 2023 due to superannuation.

d. Shri Shaji John ceased to be Director (Power) w.e.f. 1st February, 2023 due to superannuation.

e. Shri M. Nagaraju, Additional Secretary, Ministry of Coal ceased to be Part-time Official Director, w.e.f. 22nd February, 2023 due to change in nomination.

f. Shri Ramesh Chand Meena, Additional Chief Secretary to Government of Tamil Nadu, Energy Department ceased to be a Part - time Official Director w.e.f. 10th July, 2023 due to change in nomination.

Key Managerial Personnel:

a. Shri K. Viswanath relieved as Company Secretary of the Company under Voluntary Exit Scheme w.e.f. 01st December, 2022.

b. Shri R. Udhayashankar was appointed as Company Secretary of the Company w.e.f. 01st December, 2022.

c. Shri Suresh Chandra Suman, Director (Mines), holding the additional charge of Director (Finance) was appointed as Chief Financial Officer w.e.f. 01st January, 2023.

Your Directors wish to place on record their whole-hearted appreciation for the valuable guidance and services rendered by them during their tenure as Directors on the Board of the Company.

Further, pursuant to Section 152 of the Companies Act, 2013, Shri K. Mohan Reddy, Director, will retire by rotation at the ensuing Annual General Meeting and being eligible offer himself for the re-appointment.

Reporting of Frauds by Auditors

During the year under review, the Statutory Auditors, Cost Auditors and Secretarial Auditor have not reported any instances of frauds committed in the Company by its Officers or Employees to the Audit Committee under section 143(12) of the Companies Act, 2013.

Adequacy of internal financial controls with reference to the Financial Statements

Your Company has, in all material aspects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2023, based on the internal control over financial reporting criteria established by the Company, considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.


The Board of Directors of your Company places on record its sincere appreciation for the continued support and guidance extended by the Ministry of Coal, Ministry of Power, Ministry of New and Renewable Energy, Ministry of Finance, Ministry of Environment & Forest and Climate Change, Ministry of Mines, Ministry of Personnel, Public Grievances and Pensions, Ministry of Jal Sakthi, Ministry of Industry, Ministry of Labour and Employment, Ministry of Railways, Ministry of Heavy Industries, Ministry of Road Transport and Highways, NITI Aayog, DIPAM, DPE, Central Electricity Authority, Central & State Government Departments, Central & State Electricity Regulatory Commissions, Andaman & Nicobar Islands Administration, State Electricity Boards and beneficiaries of Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Kerala, Puducherry and Rajasthan and also the Joint Venture Partners, viz., Tamil Nadu Generation and Distribution Corporation Limited(TANGEDCO), Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL), Coal India Limited, Mahanadi Coalfields Limited and Hindalco.

The Board of Directors of your Company is pleased to acknowledge with gratitude the cooperation and continued support extended by the Governments of Tamil Nadu, Rajasthan, Uttar Pradesh, Jharkhand and Odisha, V.O.C. Port Trust, Tuticorin and the District Administrations of Cuddalore, Tuticorin, Bikaner, Andaman & Nicobar, Sambalpur, Jharsuguda, Kanpur Nagar and Dumka. The support and co-operation extended by the Comptroller and Auditor General of India, Statutory Auditors, Branch Auditor, Internal Auditors, Cost Auditor, Secretarial Auditor, Director General of Mines Safety, Directorate of Industrial Health & Safety, Boiler Inspectorates, Chief Inspector of Factories, the Director of Boilers, Central Pollution Control Board, State Pollution Control Board, Chief Controller of Explosives, Chief Vigilance Commissioner, Coal Controller Officers, Regional Labour Commissioner, Regional Provident Fund Commissioner and other Statutory Authorities, the Companys Bankers, Financial Institutions and KfW of Germany, Vendors, Suppliers, Contractors and other valued Stakeholders need special mention and the Directors acknowledge the same.

Your Directors also wish to place on record their appreciation for the dedicated work put forth by the Employees at all levels.

The positive role played by the recognized Trade Unions and Associations of the Engineers and Officers in maintaining cordial industrial relations deserves special mention.

For and on behalf of the Board of Directors

Place: Neyveli

Prasanna Kumar Motupalli

Date: 30th August, 2023

Chairman and Managing Director