FOR THE YEAR 2024-25
Dear Members,
The Board of Directors is pleased to present the 69th Directors Report on the performance, business and operations of your Company for the financial year ended on 31st March, 2025, together with the Audited Financial Statements and the reports of the Statutory Auditors and Comments of the Comptroller and Auditor General (C&AG) of India.
This report reflects not only the audited financial statements and statutory reports, but also the collective journey of your
Company during the year — a journey of resilience, growth and continued commitment to creating long-term value for all stakeholders.
Your Company continues to move forward with resilience and determination, embracing new opportunities while upholding its core values of integrity and sustainability.
Together, we remain committed to delivering growth that benefits all stakeholders.
Major Highlights:
The Financial Year 2024-25 has been a period of noteworthy accomplishments for your Company, marked by consistent and all-round performance. The key highlights of achievements during the year are as follows:
Production Highlights:
• All time Highest ever for any year recorded in
FY 2024-25:
Lignite & Coal Production of 41.26 Million Tonnes (MT) from NLCIL Mines.
Coal Production of 17.20 MT from Talabira II & III OCP.
Coal Dispatch of 16.70 MT from Talabira II & III OCP.
• By Commissioning One Unit of 660 MW of Ghatampur Thermal Power Plant, joined in the elite club of Super
Critical Technology Thermal Operations.
• Achieved Gross Power Generation of 27.87 BU including 2.10 BU of Green Power with 2.80% growth over previous year.
• For the first time in the history of Barsingsar Lignite Mine, the annual targeted capacity of 2.1 MT has been achieved in two consecutive years (FY 2023-24 and
FY 2024-25).
• TPS-I Expansion ranked first in cumulative PLF among lignite fired thermal power stations for
FY 2024-25.
• First time, since inception, Barsingsar Thermal
Power Station (BTPS) achieved a record 81.90% PAF, surpassing CERC norms of 75 %.
Financial Highlights:
• All time Highest ever for any year recorded in
FY 2024-25:
EBITDA of 6,512.96 Crore
Profit Before Tax (PBT) of 3,696.93 Crore as against 2,881.64 Crore in the corresponding period of previous year, registering a growth of 28.29%
Profit After Tax (PAT) of 2,713.61 Crore as against 1,867.57 Crore in the corresponding period of the previous year, registering a growth of 45.30%.
Capex achievement of 7,736.10 Crore
• Revenue from operations of 15,282.96 Crore as against 13,001.33 Crore in the corresponding period of the previous year, registering a growth of 17.55%.
• Total Income of 16,889.45 Crore as against 13,948.47
Crore in the corresponding period of the previous year, registering a growth of 21.08%.
• Market Capitalisation has touched its all-time high of more than 43,000 Crore.
• Ministry of Finance has granted Capital Gains Tax exemption under Section 47 (viiaf) of the Income Tax Act for the transfer of renewable energy assets from your Company to its Wholly Owned Subsidiary, NLC India
Renewables Limited (NIRL).
• Achieved 109.03% collection efficiency, collecting 9,405 Crore against 8,626 Crore billed.
• Reduced power dues by 42.12% from 4,632 Crore to 2,681 Crore.
Operational Performance
Mining – Lignite
Your Company presently operates three opencast Lignite Mines at Neyveli, Tamil Nadu and one opencast Lignite Mine at Barsingsar, Rajasthan, with a combined mining capacity of
30.10 Million Tonnes Per Annum (MTPA).
During FY 2024-25, the total overburden (OB) removal from the Lignite Mines stood at 1,486.35 Lakh Cubic Meter (LCM) as compared to 1,380.63 LCM in FY 2023-24. Lignite production during the year under review was 240.60 Lakh Tonnes (LT), as against 236.80 LT in the previous year, reflecting a growth of 1.60%.
Raw Lignite Sales (RLS) to TAQA (IPP) and direct sales in the open market during the FY 2024-25 were 17.02 LT and 6.37 LT, respectively, compared to 15.74 LT and 6.86 LT.
Mining – Coal
Your Company also operates Talabira II & III OCP Open Cast
Mine, in Odisha, with a mining capacity of 20.00 Million Tonnes Per Annum (MTPA).
During FY 2024-25, the total overburden (OB) removal from the Coal Mine stood at 203.44 LCM as compared to 131.80
LCM in FY 2023-24. Coal production during the year was 172.02 LT, compared to 126.41 LT in the previous year, reflecting a growth of 36.08%.
In view of the high demand for coal, particularly for power generation, your Company undertook measures to achieve a production of 172.02 LT against a target of 160.00 LT, thereby exceeding the target by 7.51%. Efforts are being made to further augment coal production from Talabira II & III OCP in the current year, which will enhance fuel security for end-use plants and ensure greater coal availability in the market. The coal produced is supplied to one of the End Use Plant viz., NTPLs Thermal Power Plant (1,000 MW) at Tuticorin, Tamil Nadu.
The Ministry of Coal (MoC), Government of India, vide its order dated 19th February, 2021, permitted the sale of surplus coal from Talabira II & III OCP after meeting the requirements of the end-use plant. Further, on 2nd November, 2021, MoC approved the sale of up to 75% of coal production till 31st March, 2026, subject to certain conditions.
Coal dispatch from the Talabira II & III OCP during
FY 2024-25 stood at 167.05 LT as compared to 117.62 LT in the previous year, marking a growth of 42.03%.
With this, the total combined mining capacity of lignite and coal for your Company stands at 50.10 MTPA.
Power
As on 31st March, 2025, the total installed power generation capacity of your Company, including renewable sources, stood at 5,071.06 MW. The total capacity of the NLCIL
Group, including subsidiary companies, NTPL and NUPPL was 6,731.06 MW.
During FY 2024-25, the total Power Generation (Gross) was 21,420.40 Million Units (MU), compared to 21,643.85 MU in FY 2023-24. Power Export during the year stood 18,643.43 MU, as against 18,890.09 MU in the previous year.
Out of the total Power Generation, Renewable Energy sources contributed 2,094.33 MU, compared to 2,100.09 MU in the previous year.
Power Surrender during the FY 2024-25 was 928.48 MU, as against 608.09 MU in the previous year.
The total power generation of the NLCIL group including the material Subsidiary Companies (viz., NTPL & NUPPL) was 27,865.58 MU in FY 2024-25 compared to 27,106.21 MU in the previous year.
Productivity
The output per man-shift achieved during the year 2024-25 are given below:
Product |
Unit | 2024-25 |
| Lignite | Tonne | 17.60 |
| Power | KwHr | 36,929 |
Financial Performance
During FY 2024-25, your Company, on a Standalone basis, recorded revenue from operations of H 10,285.78 Crore, as against
H 10,520.25 Crore in FY 2023-24. Profit Before Tax (PBT) and Profit After Tax (PAT) for the year stood at H 2,857.83 Crore and H 1,899.99 Crore respectively, compared to H 2,787.89 Crore and H 1,846.58 Crore in the previous year.
On a consolidated basis, the revenue from operations for FY 2024-25 was H 15,282.96 Crore as against H 13,001.33 Crore in FY 2023-24. Consolidated PBT and PAT for the year were H 3,696.93 Crore and H 2,713.61 Crore respectively, compared to H 2,881.64 Crore and H 1,867.57 Crore in the previous year.
The details of profit earned during financial year 2024-25 and its appropriation are as follows:
( Rs. Crore)
| Standalone | Consolidated | |||
| Particulars | 2024-25 | 2023-24 | 2024-25 | 2023-24 |
| Revenue from operations | 10,285.78 | 10,520.25 | 15,282.96 | 13,001.33 |
| Profit Before Tax | 2,857.83 | 2,787.89 | 3,696.93 | 2,881.64 |
| Tax Provision | 957.84 | 941.31 | 983.56 | 1,014.32 |
Profit/(Loss) for the Period (PAT) |
1,899.99 | 1,846.58 | 2,713.61 | 1,867.57 |
Appropriation |
||||
| Transfer (to)/ from Interest Differential Fund Reserve | (0.94) | (1.98) | (0.94) | (1.98) |
| Transfer (to)/ from PRMA Reserve Fund | - | 3.58 | - | 3.58 |
| Transfer to Contingency Reserve | (10.00) | (10.00) | (10.00) | (10.00) |
| Dividend (Interim / Final) | (416.00) | (485.33) | (416.00) | (485.33) |
Shareholding of Government of India (GoI)
The shareholding of the President of India as on 31st March,
2025 in the Company is 72.20%.
Dividend
For the FY 2024-25, the Board of Directors of your Company declared and paid an Interim Dividend of 15% of the paid-up share capital (H 1.50/- per equity share). Further, your Board has recommended a final dividend of 15% of paid-up share capital (H 1.50/- per equity share), subject to the approval of the shareholders at the ensuing Annual General Meeting.
Accordingly, the total dividend for the FY 2024-25, including the interim dividend already paid, amounts to 30% of the paid-up share capital, aggregating to H 416.00 Crore.
Transfer to Reserve
There is no amount proposed to be transferred to any specific reserves.
Projects Under Implementation:
The details of projects currently under implementation are as under:
150 MW Hybrid (Solar & Wind) RE Power Project (SECI)
Your Company participated in the Wind & Solar Hybrid Request for Selection (RfS) floated by Solar Energy Corporation of India (SECI) and emerged as the successful bidder for a capacity of 150 MW (comprising 50 MW Wind and 100 MW Solar) at a quoted tariff of H 2.34 per Unit. The
Letter of Award (LOA) has been received from SECI, and the
Power Purchase Agreement (PPA) has been signed.
50 MW Wind Power Project:
The LoA for the 50 MW Wind Power Project was issued and the Land Lease Agreement has been executed. The Central
Transmission Utility of India Limited (CTUIL) has granted in-principle connectivity, with the scheduled commencement date being 31st July, 2026. Out of the total 25 Wind Turbine
Generators (WTGs), erection of 6 WTGs has been completed, foundations for 8 WTGs have been completed and the remaining works are in progress.
100 MW Solar Power Project:
The LoA for the 100 MW Solar Power Project was issued and CTUIL has granted in-principle connectivity, with the scheduled commencement date being 31st July, 2026. Land identification activities have been completed for approximately 459 acres, out of which 92.65 acres have been secured through execution of the Land Lease Agreement. Further implementation activities are in progress.
510 MW solar power project under CPSU Scheme
Your Company emerged as the successful bidder under the CPSU Scheme tender issued by the Indian Renewable Energy Development Agency (IREDA) for setting up of 510 MW
Solar Power Project. The project is being implemented in three phases: 300 MW in Rajasthan, 200 MW in Gujarat and 10 MW in Neyveli under the Smart City initiative.
300 MW Solar Power Project – Barsingsar, Rajasthan
The Letter of Award (LoA) was issued for execution of the 300 MW Solar Power Project at Barsingsar. Power
Usage Agreement was signed with Rajasthan Urja Vikas
Nigam Limited (RUVNL). Supply of materials has been completed and erection works are in progress. Bay extension and associated transmission line works are also underway. Successfully commissioned first phase of 52.83 MW capacity on 20thAugust, 2025.
200 MW Solar Power Project – Gujarat
The LoA for the 200 MW Solar Power Project was issued and Power Usage Agreement was signed with the Telangana
State DISCOMs. Connectivity has been granted at the Bhuj Substation, with a bay allotted. A Consultancy Agreement has been entered into between your Company and Power Grid Corporation of India Limited (PGCIL) for the extension of one 220 kV bay at the Bhuj-I Substation. Execution of the Land Lease Agreement is in progress.
10 MW Ground-Mounted Solar Power Project – Neyveli
The 10 MW Ground-Mounted Solar Power Project at Neyveli, implemented under the Smart City initiative, was successfully commissioned on 30th October, 2023. The project generated 14.28 MU Gross Power during FY 2024-25.
GSECL - Solar park, Gujarat (600 MW)
Gujarat Urja Vikas Nigam Limited (GUVNL) had invited bids for the installation of 800 MW Solar Power Project with Greenshoe option at Gujarat State Electricity Corporation
Limited (GSECL) Solar Park, Khavda, Gujarat. Pursuant to the bidding process, your Company was awarded 300 MW.
Subsequently, the Company exercised the Greenshoe option for an additional 300 MW capacity, for which the Letter of
Award (LoA) was received from GUVNL.
Purchase orders for procurement of modules, inverters,
HT cables, IDT and HT panels have already been placed.
Procurement activities, along with site-related works, are presently in progress.
50 MW Solar at Mined out Area
Your Company has issued Letter of Award (LoA) for installation of 50 MW Solar power projects in Reclaimed area of Mine-II, Neyveli for BoS works. LOA for PV Modules are issued and all are received at site.
Piling work, MMS structure erection Inverter Foundation,
IDT Foundation, MCR building works are under progress.
810 MW Solar in Rajasthan Area
Your Company was awarded 810 MW of Grid Connected Solar Power Project under competitive bidding in the tender floated by Rajasthan Rajya Vidyut Utpadan Nigam
Limited (RRVUNL) for development at Pugal Solar Park,
Bikaner, Rajasthan. Letter of Intent (LOI) was received from RRVUNL. Owners Engineering Consultant was appointed and BoS Tender has been floated.
The PPA between NLC India Renewables Limited (NIRL), (a Wholly Owned Subsidiary Company of NLCIL) & RRVUNL was signed. This project will be implemented by the NIRL.
Land details have been shared by RRVUNL and formal allotment is pending.
Roof Top and Floating Solar Projects:
Your Company issued the Work Order for the design, supply, installation and commissioning of rooftop solar systems aggregating 4 MW capacity and floating solar systems aggregating 1 MW capacity, along with five years of Operation and Maintenance (O&M) services. These projects are being implemented at the locations of NLC India Limited, NLC Tamil Nadu Power Limited (NTPL) and Neyveli Uttar
Pradesh Power Limited (NUPPL).
Electric Vehicle (EV) Charging Stations:
Your Company issued the Letter of Award (LoA) for the supply, installation and commissioning of Electric Vehicle Charging Stations (EVCS) at Neyveli, NTPL and NUPPL, inclusive of complete civil and electrical turnkey works. The combined scope of work covers the establishment of five
EV charging stations across the above locations, equipped with 120 kW (DC) fast chargers and 10 kW (AC) slow chargers. The facilities will feature full remote monitoring capabilities and smart payment integration.
NLC Talabira Thermal Power Project - Phase-I & II
(4 x 800 MW)
NLC Talabira Thermal Power Project (NTTPP) – Phase I (3 x 800 MW) is a coal based thermal power project with an aggregate capacity 2400 MW, comprising three units of 800
MW capacity each. The project is proposed to be set up at
Jharsuguda & Sambalpur Districts in the State of Odisha and will be linked to the allocated captive coal mine, Talabira II &
III OCP. The total estimated project cost is H 27,212.96 Crore.
The proposed plant will deploy state of the art Ultra Super-critical technology in compliance with the latest emission norms. All statutory approvals required for setting up the project including the Environmental Clearance have been obtained. Power Purchase Agreement for the entire
2400 MW have been signed with Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) for 1500 MW, Puducherry Electricity Department (PED) for 100 MW, Kerala State Electricity Board Limited (KSEB) for
400 MW and GRIDCO Odisha for 400 MW.
The Engineering, Procurement and Construction (EPC) contract was awarded to M/s. Bharat Heavy Electricals Ltd. (BHEL) on 12th January, 2024. Notice to Proceed (NTP) issued on 27th November, 2024. The first Unit of the project is scheduled to be commissioned within 52 months from the date of issue of NTP, with the subsequent units to follow at intervals of six months each. The land acquisition for the project is in progress. The EPC contractor has completed Geo technical and Topographical works for the land handed over. Demolition works of existing structures in plant area are under progress.
NLC Talabira Thermal Power Project (NTTPP) Phase II (1 x 800 MW) is an extension of Phase I, comprising one unit of 800 MW capacity. Power Purchase Agreement for 400 MW has been entered with GRIDCO, Odisha. MoEF & CC has granted Terms of Reference (ToR) on 3rd July, 2025 for EIA Studies.
Thermal Power Station II 2nd Expansion
The Thermal Power Station II 2nd Expansion (TPS-II SE) is a lignite based Thermal Power Plant with a capacity of 1,320 MW (two units of 660 MW each), proposed to be set up at Mudanai Village (Near Neyveli), Cuddalore District, Tamil Nadu and linked to Neyveli Lignite Mines. Land for the project is already in possession of your Company.
The earlier EPC tender for the 660 MW supercritical lignite-fired unit configuration did not attract any bidders, primarily due to challenges in securing technology association. Following directions from the Ministry of Power, the project configuration has been revised to 2 ? 500 MW subcritical units. The Feasibility Report (FR) for the revised configuration was approved by with a base project cost of H 10,575.52 Crore. The subcritical technology exemption from
I MoP was received on 4thNovember, 2024.
Activities including the revision of project cost estimates in line with MoEF&CC guidelines dated 11th July, 2025, floating of the EPC tender and obtaining the amendment to the Environmental Clearance (EC) are under progress. The
. Ministry of Power has issued the revised power allocation for 2x500 MW configuration. Pursuant to MoPs revised guidelines for allocation of power from Central Generating Stations dated 31st July, 2024, power from TPS-II Second
Expansion (2X500 MW) has been allocated as follows: 830.44 MW to Tamil Nadu, 19.56 MW to Puducherry and 150 MW is unallocated.
Lignite to Methanol
As part of its strategic diversification, your Company is progressing with the Lignite to Methanol (LTM) Project, designed for a capacity of 1,200 Tonnes Per Day (TPD). Global tenders were floated for major project packages, and while the tender for the Gasification Block was cancelled owing to higher-than-expected quotations, evaluation of bids for the Methanol Synthesis Block is currently in progress. In line with the guidance of NITI Aayog, the Detailed Project Report (DPR) has been revisited, and the revised report is under review. Although the updated DPR reflects cost escalations and prevailing market challenges, your Company continues to engage with stakeholders and explore feasible options for future development, reaffirming its commitment to innovation in lignite-based clean fuel technologies.
Mine-III (11.5 MTPA)
The Mine-III Project, with an approved capacity of 11.50
MTPA and encompassing a project area of 3893Ha, is proposed to be commissioned to meet the fuel requirements of TPS II 2nd Expansion. The estimated cost is H 3,755.71 Crore. The identified block contains mineable reserve of 415 MT.
The process of obtaining all statutory and regulatory approvals for the commencement of mining operations is currently in progress. The MoC has accorded final approval for the Mining Plan and Mine Closure Plan on 28th August,
2024. Administrative approval from the Government of Tamil Nadu for Land Acquisition is in process.
The project is targeted to commence operations by 2030, subject to timely completion of all requisite clearances, land acquisition and other pre-operational activities.
Commercial Mining
North Dhadu (Western Part) Coal mine (3.0 MTPA)
Your Company successfully secured the bid for the North Dhadu (Western Part) Coal Mine, located in Latehar District of Jharkhand, through the Commercial Coal Block Auction. The mine forms part of the North Karanpura Coalfield and has a geological reserve of 396.486 MT of coal with an average grade of G12. The coal block has a Peak Rated Capacity (PRC) of 4.5 MTPA, and the Mining Plan is presently under consideration of the Ministry of Coal (MoC) for approval.
During the year, key statutory and regulatory milestones were achieved. Notifications under relevant provisions of the CBA (A&D) Act, 1957 have been issued by MoC, and the Company has obtained a No Objection Certificate from the Coal Controllers Organization. Application for the notification under Section 11(1) of the CBA (A&D) Act, 1957 is under process.
To facilitate project execution, a re-tender for selection of the
Mine Developer and Operator (MDO) was floated, with bid submission scheduled in FY 2025 26.
On the development front, the Board of Directors approved the Detailed Project Report (DPR) of the mine along with the investment proposal involving a CAPEX of 1,354.20 Crore.
The Engineering Scale Plan for the proposed railway siding, taking off from Kusmahi station, has been approved by the
East Central Railway, and preparation of the Detailed Project
Report for the railway siding is in progress.
Machhakata (Revised) Coal Mine (30.0 MTPA)
Your Company emerged as the successful bidder for the Machhakata (Revised) Coal Mine, located in Angul District of Odisha, through the Commercial Coal Block Auction in July 2024. The mine, which forms part of the Talcher Coalfield, has a substantial geological reserve of 1,525.23 MT of coal with an average grade of G11 and normative Capacity of 30.0 MTPA. During the year, Geological Report prepared in-house was approved by the Ministry of Coal, while the Mining Plan and Mine Closure Plan have been submitted and are under consideration for approval. The Board of Directors accorded in-principle approval for development and operation of the mine through the Mine Developer and Operator (MDO) mode. For infrastructure development, RITES has been engaged as the Project Management Consultant (PMC) for construction of a combined railway siding for the Machhakata
(Revised) and New Patrapara (South) Coal Mines.
New Patrapara (South) Coal Mine (12.0 MTPA)
Your Company emerged as the successful bidder for the New Patrapara (South) Coal Mine, located in Angul District of Odisha, through the Commercial Coal Block Auction concluded in December 2024. The mine has a tentative capacity of 12.0 MTPA. The Coal Mine Development and
Production Agreement (CMDPA) was signed with the Ministry of Coal in December 2024, and the Vesting Order was issued in February 2025. The Geological Report prepared in-house was recommended by the MoC Committee for in-principle approval in July 2025, and preparation of the Mining Plan is currently in progress. The mine is targeted to commence operations by November 2029, subject to completion of statutory clearances and development activities.
Manufactured Sand (M-Sand) from Overburden
Recognizing the potential of Manufactured Sand (M-Sand) as a sustainable alternative to river sand and its increasing demand in the construction sector, your Company has undertaken initiatives to convert overburden (OB) from its mines into high-quality M-Sand. A 0.42 MTPA capacity
M-Sand Plant was commissioned at Mine-IA, with trial runs commencing in April 2024. The Government of Tamil
Nadu accorded approval for product quality in July 2024, followed by permission in June 2025 to produce M-Sand from overburden for a period of ten years. Subsequently, your Company signed an MoU with Tamil Nadu Minerals Limited (TAMIN) to act as service provider for identifying and finalizing buyers for the M-Sand produced.
Further, an order was placed for setting up a 1 MTPA capacity M-Sand Plant at Mine-I in June 2024. The Consent to Establish (CTE) was granted by the Tamil Nadu Pollution Control Board (TNPCB) in January 2025, and commercial operations from this plant are expected to commence by
October 2025.
These initiatives reflect your Companys commitment to resource efficiency, environmental stewardship and value creation from mining by-products, while contributing to sustainable infrastructure development in the region.
Fly Ash Utilization
Your Company has consistently ensured 100% utilization of fly ash generated from all its Thermal Power Plants, in line with the directives of the Ministry of Environment, Forest and Climate Change (MoEF&CC) and the Ministry of
Power (MoP). The Companys fly ash management program is anchored on a three-pronged framework: transparent e-auction processes, rigorous field validation of user agencies and stringent compliance with all statutory guidelines.
Fly ash generated from the Companys Thermal Power Plants is supplied to eligible parties engaged in the manufacturing of cement, bricks and blocks through transparent e-auction platforms, as per approved internal procedures. Periodic reports and bulletins on fly ash generation and utilization are published on the Companys website, ensuring transparency, building stakeholder confidence and accelerating market offtake. This approach integrates policy compliance with operational discipline, thereby maximizing beneficial reuse, reducing environmental footprint and supporting regional infrastructure and manufacturing ecosystems.
In a significant development, your Company signed a landmark Memorandum of Understanding (MoU) with the Bhabha Atomic Research Centre (BARC) on 06th August, 2025 for a pioneering project to extract Rare Earth Elements
(REEs) from fly ash. Under this agreement, a pilot project will be established at Neyveli with technical support from BARC to demonstrate an innovative process for extracting REEs — strategic materials vital for applications in healthcare, clean energy, high-technology manufacturing, advanced research and national security. This initiative represents a transformative step in fly ash management, converting an industrial by-product into a source of critical raw materials of national importance.
Projects Under Formulation:
The details of projects currently under formulation are as follows:
Green Energy
In alignment with the Government of Indias target of developing 500 GW of Renewable Energy (RE) capacity by 2030, your Company is actively pursuing opportunities in the Renewable Energy Sector as a key pillar of its future growth strategy. Business plans have been formulated to leverage these opportunities effectively, while ensuring that the existing thermal power fleet continues to operate with high efficiency, cost-effectiveness and reliability, thereby contributing to meeting the countrys growing energy demand.
Business Development and Strategic Initiatives
During the year, your Company made significant progress in enhancing both its renewable and conventional energy portfolios through, driven by new project awards, execution of Joint Venture Agreements and Formation of Strategic
Partnerships, as detailed below:
1. Letters of Award (LoA):
• Received LoA from SJVN Limited for setting up a 200 MW Wind Power Project on 28th February, 2025.
• Received LoA from Tamil Nadu Green Energy Corporation Limited (TNGECL) for establishing a Battery Energy Storage System (BESS) with a capacity of 250 MW/500 MWh on 20thJune, 2025.
• Received LoA from NTPC Limited for the development of a 450 MW Hybrid Power Project on 27th June, 2025.
2. Joint Ventures (JV):
With Rajasthan Rajya Vidyut Utpadan Nigam Ltd. (RVUNL):
• JV Agreement signed on 23rd October, 2024;
• JV Company incorporated with the name "NLC Rajasthan Power Limited" (NRPL) on 02nd June, 2025 for setting up a 3?125 MW Lignite-Based Thermal Power Station with linked Mines from Bithnok and Gurha.
Through NLC India Renewables Limited (NIRL):
• JV Agreement signed on 23rd October, 2024 with
Rajasthan Rajya Vidyut Utpadan Nigam Ltd.
(RVUNL);
• JV Company incorporated with the name "NIRL Rajasthan Renewables Limited" (NRRL) on 02nd June, 2025 for development of 2,000 MW Green
Energy Projects.
• JV Agreement signed on 10th January, 2025 with Assam Power Distribution Company Limited (APDCL);
• JV Company incorporated with the name "NIRL Assam Renewables Limited" (NARL) on 07th May, 2025 for development of 1,000 MW
Renewable Energy Power Projects.
• 150 MW of land allotted by APDCL for a Solar Power
Plant preliminary works commenced.
• 500 MW Solar Park allotted at Lahorijan – Agreement signed on 27th June, 2025.
• JV Agreement signed on 29th May, 2025 with Mahatma Phule Renewable Energy and Infrastructure
Technology Ltd. (MAHAPREIT) for establishing and undertaking O&M of Green Energy Projects.
3. Memoranda of Understanding (MoU):
Your Company entered into several strategic Memoranda of Understanding (MoUs) and agreements in the mining domain with leading public sector undertakings and private sector partners. Collectively, these MoUs reinforce your Companys commitment to sustainable resource development, technology adoption, and strategic partnerships for long-term growth.
• MoU signed on 06th May, 2025 with IREL (India) Limited for collaboration in the exploration and development of critical minerals, including Rare Earth
Element (REE) assets in India and abroad.
• MoU signed on 06th August, 2025 with Bhabha Atomic Research Centre (BARC) for a pioneering project to extract Rare Earth Elements (REEs) from fly ash.
• Damodar Valley Corporation (DVC) – MoU signed in
June 2024 for supply of coal for the period of two years.
• NTPC – Agreement signed in December 2024 extending the existing MoU for supply of coal from Talabira II & III OCP to NTPC power plants for a further period of five years (till December 2029).
• ONGC – Confidentiality Agreement signed in
December 2024 for sharing of exploration data.
• Tamil Nadu Minerals Limited (TAMIN) – MoU signed in July 2025 for selling of M-Sand.
• Reliance Industries Limited (RIL) – MoU signed in July 2025 for collaboration on Underground Coal
Gasification in NLCILs lignite blocks.
These initiatives are aimed at consolidating the Companys market position, diversifying its energy mix, and ensuring long-term sustainable growth.
Corporate Plan 2030
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, with a combined lignite mining capacity of 30.10 MTPA.
In the lignite mining segment, your Company proposes to commission:
• Mine-III (11.5 MTPA) at Neyveli, Tamil Nadu, linked to the
TPS-II Second Expansion, and
• Bithnok Lignite Mine (2.25 MTPA) in Bikaner District, Rajasthan.
Upon commissioning, the aggregate lignite mining capacity is projected to reach 41.35 MTPA by FY 2029-30.
In the coal mining segment, your Company commenced operations at the Talabira II & III Opencast Coal Mines in Odisha on 26thApril, 2025, with a capacity of 20.0 MTPA. Further, in the coal sector:
• Pachwara South OCP in Jharkhand, with a capacity of
9.0 MTPA, is being developed through the Companys subsidiary, Neyveli Uttar Pradesh Power Limited (NUPPL), as the fuel source for the Ghatampur Thermal Power Plant
(3 ? 660 MW).
• Your Company has secured the North Dhadu (Western Part) Coal Mine in Latehar District, Jharkhand
(tentative capacity: 3.0 MTPA) and the Machhakata (Revised) Coal Mine in Angul District, Odisha (30.0 MTPA) through the commercial coal mining route.
• Additionally, the New Patrapara (South) Coal Block in
Angul District, Odisha (12.0 MTPA) was secured under the commercial coal mine e-auction process.
Recognising recent developments in the renewable energy sector and the strategic importance of critical minerals for clean energy transition, your Company is preparing to participate in upcoming auctions, with a vision to achieve a critical mineral mining capacity of 1.0 MTPA by FY 2029-30.
With the above lignite, coal and critical mineral projects, the total mining capacity is projected to exceed 104.35 MTPA by 2030, supported by enhanced operational efficiency. Total CAPEX projected for the mining projects during
FY 2026-30 is estimated at H 14,199 Crore.
Diversification into Critical Minerals
As part of its diversification strategy, your Company participated in the Tranche V auction of Critical and Strategic Mineral Blocks conducted by the Ministry of Mines, Government of India in May 2025, and was declared as the preferred bidder for the Semhardih Phosphorite and Limestone Block and the Raipura Phosphorite and Limestone
Block, both located in Chhattisgarh.
Under the guidance of the Ministry of Coal and the Ministry of Mines, your Company is exploring possibilities for acquiring overseas critical minerals assets.
These acquisitions mark your Companys foray into the critical minerals sector, in alignment with the national objective of ensuring a secure and sustainable supply of minerals essential for renewable energy, fertilizers, and other strategic applications.
Power Generation Projects
Your Company is presently operating five lignite based thermal power stations- Four at Neyveli, Tamil Nadu and one at Barsingsar, Rajasthan, with an aggregate capacity of 3,640 MW. In addition, through Joint Ventures, your Company operates:
• NLC Tamil Nadu Power Limited (NTPL) – a coal-based thermal power plant of 1,000 MW (2 ? 500 MW) capacity at Tuticorin, Tamil Nadu; and
• Ghatampur Thermal Power Project (GTPP) – Unit-I of 660 MW capacity (out of 3 ? 660 MW) in Uttar Pradesh, implemented through Neyveli Uttar Pradesh Power Limited
(NUPPL).
Upon implementation of the following coal and lignite-based thermal projects, the total thermal generation capacity is projected to reach 10,020 MW:
• Ghatampur Thermal Power Project (NUPPL) –
1,320 MW (Units-2 and 3 of 3 ? 660 MW), Uttar Pradesh;
• NLC Talabira Thermal Power Project (Phase I) –
2,400 MW (3 ? 800 MW), Odisha;
• TPS-II Second Expansion – lignite-based, 1,000 MW
(2 ? 500 MW), Neyveli, Tamil Nadu.
The projected capital expenditure (CAPEX) for thermal power projects during FY 2026-30 is estimated at H 49,981 Crore. In the renewable energy segment, your Company plans to enhance its installed capacity from the current 1,431 MW to 10,110 MW by 2030, through the implementation of various solar and wind power projects. Presently, 2,110 MW of RE capacity is under implementation. Key recent awards include:
• 450 MW Hybrid Renewable Energy Project from NTPC Limited (NTPC);
• 200 MW Wind Power Project from SJVN Limited.
• 250 MW / 500 MWh (BESS) under the viability Gap
Funding (VGF) scheme from TNGECL.
The projected CAPEX for renewable energy projects during
FY 2026-30 is estimated at H 41,599 Crore.
Upon completion of the above projects, the total installed power generation capacity of your Company is expected to reach 20,130 MW by 2030.
Diversification Projects:
In line with its long-term growth strategy, your Company has adopted a structured diversification approach and has undertaken initiatives in the following emerging sectors:
• Overburden(OB)toManufacturedSand(M-Sand)conversion;
• Sale of Overburden;
• Lignite to Methanol production;
• Critical Minerals;
• Battery Energy Storage Systems (BESS);
• Green Hydrogen production;
• Electric Vehicle (EV) charging infrastructure;
• Integrated Gasification Combined Cycle (IGCC) technology projects.
Several of these projects, including IGCC, are being implemented on a pilot scale under the Clean Energy category.
Further, your Company has entered into a Memorandum of Understanding (MoU) with WAPCOS Limited to provide collaborative technical services and advisory support for the development of various pumped storage, reservoir/storage, and run-of-river hydro power projects in India. Feasibility studies for select projects under this collaboration are presently in progress.
The projected capital expenditure (CAPEX) for diversification projects during FY 2026-30 is estimated at H 11,101 Crore.
Taking into account the planned investments in mining, power generation and diversification projects, the total capital expenditure of your Company is projected to exceed H 1.17 Lakh Crore by 2030.
NLC Tamil Nadu Power Limited (NTPL), a subsidiary of your Company, operates a 1,000 MW coal-based thermal power plant at Tuticorin, Tamil Nadu.
The Company has registered a substantial improvement in the performance.
Performance Highlights:
Performance Highlights: |
||
Particulars |
FY 2024–25 | FY 2023–24 |
| Gross Power Generation | 5,236.45 | 5,462.36 |
| (MU) (Excl. Power | ||
| Surrender) | ||
| Revenue from Operations | 4,430.38 | 2,739.76 |
| Profit Before Tax (H Crore) | 1,086.43 | 201.16 |
| Profit After Tax (H Crore) | 1,060.69 | 129.16 |
Further, the Board of Directors of NTPL declared an Interim Dividend of H 1/- per equity share (10%) for FY 2024 25, which was paid on 6th February, 2025. During the supplementary
Audit conducted by the C&AG for the Financial year 2024-25,
C&AG has issued NIL comments on its Financials.
Neyveli Uttar Pradesh Power Limited (NUPPL), a subsidiary of your Company, is implementing the 3 x 660 MW Ghatampur Coal-Based Thermal Power Project (GTPP) at Ghatampur Tehsil, Kanpur Nagar District, Uttar Pradesh, at a sanctioned project cost of H 21,780.94 Crore (RCE II). The project is monitored by the Ministry of Coal (MoC) and, at the apex level, by the Prime Ministers Office (PMO), being considered a signature project of national importance. The
Board of NUPPL is taking all necessary measures to expedite its timely completion. During the supplementary audit conducted by C&AG for the financial year 2024-25, C&AG has pointed few reclassification and disclosure requirements which are being dealt appropriately in its Annual Report.
NUPPL has executed the following Power Purchase
Agreements (PPAs):
• With Uttar Pradesh Power Corporation Limited (UPPCL) for 75% of the plant capacity.
• With Assam Power Distribution Company Limited (APDCL) for 492.72 MW (24.88%), in line with the revised power allocation by the Ministry of Power (MoP), Government of India.
• With Government of Assam for the balance 25% capacity, also pursuant to MoPs revised allocation guidelines.
Coal Linkage & Fuel Supply:
The primary fuel requirement for GTPP is tied to the Pachwara South OCP, which is at an advanced stage of obtaining statutory clearances and approvals. Pending operationalisation of PSCB, and based on NUPPLs request, the Central Electricity Authority (CEA) recommended Coal
India Limited (CIL) to supply 0.99 MTPA (0.33 MT per unit) for commissioning activities, trial runs, and achievement of COD. Further, the Standing Linkage Committee (Long-
Term), in its meeting held on 07th March, 2024, recommended bridge linkage of 4.903 MTPA for FY 2024 25 from CIL.
Project Progress & Expenditure:
• The project achieved a CAPEX of H 2,874.64 Crore during FY 2024 25.
• The cumulative capital expenditure incurred up to 31st March, 2025 stood at H 19,655.96 Crore.
• The Revised Cost Estimate–II (RCE–II) of H 21,780.94 Crore has been duly approved by the Ministry of Coal.
Implementation Status:
• Unit–1 successfully achieved Commercial Operation Date (CoD) on 12thDecember, 2024.
• Unit–2 oil synchronisation was successfully completed on 20th July, 2025, with all efforts underway to achieve its CoD, along with Unit 3, in FY 2025 26.
• Project progress has been impacted due to delays in the Balance of Plant (BoP) package (GA3), disruptions caused by the COVID–19 pandemic, including diversion of oxygen cylinders for emergency medical use, disturbances in the GA3 package supply chain, shortages in manpower, and financial constraints of GA3 package contractor. Excess payment made to GA-3 package contractor will be recovered from the contractor post commissioning through contractual and legal.
Pachwara South OCP (9.0 MTPA) in Jharkhand
The Pachwara South OCP located in the State of Jharkhand, has been allotted to Neyveli Uttar Pradesh Power Limited (NUPPL), a joint venture company of NLCIL, with a normative capacity of 9.0 Million Tonnes Per Annum (MTPA).
The estimated capital cost of the project is H 2,242.90 Crore. The Mining Plan and Mine Closure Plan have been duly approved by the Ministry of Coal (MoC). The Public
Investment Promotion Board (PIB), in its meeting held on 04th October, 2023, recommended the implementation of the project at a capital cost of H 2,242.90 Crore. Subsequently, the project received the approval of the Cabinet Committee on
Economic Affairs (CCEA) on 24th April, 2024.
Environmental Clearance, Forest Clearance (Stage-I), Consent to Establish and Forest Clearance (Stage-II) obtained and obtaining Consent to Operate and Mine Opening
Permission is under progress. Further, land has been acquired for coal evacuation route and construction of Railway Siding at Kurwa, where construction works are currently in progress.
The cumulative capital expenditure incurred on the project up to 31st March, 2025 is H 568.83 Crore.
Coal Lignite Urja Vikas Private Limited (CLUVPL)
A Joint Venture Company between NLCIL & CIL
Your Company entered into a Joint Venture Agreement with Coal India Limited (CIL) for the purpose of developing and implementing conventional as well as non-conventional power projects, with an equity participation of 50:50.
Pursuant to this agreement, the Joint Venture Company, Coal Lignite Urja Vikas Private Limited, was incorporated on
10thNovember, 2020.
The Joint Venture Company has been entrusted with the development of renewable energy projects and, in this regard, has received a Project Management Consultancy (PMC) order from South Eastern Coalfields Limited (SECL) on 12th July, 2021 for establishing a 40 MW Solar Power Project at
Bishrampur and Bhatgaon, Chhattisgarh. The implementation activities are currently in progress.
MNH Shakti Limited
A Joint Venture Company between Mahanadi Coalfeilds Ltd, NLCIL and HINDALCO
Mahanadi Coalfields Limited, your Company and Hindalco jointly formed MNH Shakti Limited with an equity participation in the ratio 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. Consequently, the winding up of the
Company has been proposed, and the necessary statutory and legal formalities in this regard are currently under progress.
NLC India Renewables Limited
Wholly Owned Subsidiary Company
Your Company has incorporated NLC India Renewables Limited (NIRL) as its wholly owned subsidiary on 14th June, 2023, with the objective of consolidating and managing its renewable energy assets. The incorporation of
NIRL is a strategic step under the Asset Monetization Plan of your Company, aimed at unlocking value and directing focused investments into the renewable energy sector.
As part of this initiative, your Company proposes to transfer all of its renewable assets to NIRL post receipt of the requisite approvals from the Government of India and other Statutory Authorities, thereby enabling monetization of such assets in line with policy directives.
Significant developments during the year are as under:
• The Ministry of Finance, vide Gazette of India Notification dated 27th November, 2024, has granted Capital Gains Tax exemption under Section 47 (viiaf) of the Income-tax Act, 1961, in respect of the transfer of renewable energy assets by your Company to its wholly owned subsidiary, NIRL.
This exemption substantially facilitates the proposed asset transfer without adverse tax implications.
• The Cabinet Committee on Economic Affairs (CCEA) approved an investment of H 7,000 Crore in NIRL. This approval allowing it to invest in various projects either directly or through joint ventures, beyond the limits prescribed by Navratna guidelines of DPE. This investment is also exempt from the H 1,000 Crore limit in a single entity and the overall ceiling of 30% of net worth. Order in this regard was issued on 29th July, 2025.
Presently, NIRL is implementing the following renewable energy projects across India:
• 600 MW Solar Power Project at GSECL Solar Park,
Khavda, Gujarat.
• 810 MW Solar Power Project at RVUN Solar Park,
Pugal, Rajasthan.
• 250 MW / 500 MWh Battery Energy Storage System (BESS)
Project in Tamil Nadu.
• 200 MW Wind Power Project awarded by SJVN Limited.
• 450 MW Wind–Solar Hybrid Project awarded by
NTPC Limited.
NLC India Green Energy Limited
Wholly Owned Subsidiary
Your Company has incorporated NLC India Green Energy Limited (NIGEL), as its wholly owned subsidiary on 13th October, 2023 to carry out future Renewable Energy
Projects of your Company.
NLC Rajasthan Power Limited (NRPL)
A Joint Venture between NLCIL and RVUNL in Rajasthan
NLC India Limited and Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL) entered into a Memorandum of Understanding (MoU) on 10th March, 2024, followed by a Joint Venture Agreement (JVA) signed on 23rd October, 2024 for the formation of a Joint Venture Company.
Accordingly, the JV Company, NLC Rajasthan Power Limited (NRPL), was incorporated on 2nd June, 2025, with equity participation in the ratio of 74:26 by NLCIL and RVUNL respectively. This JV Company will develop a 3x125 MW
Lignite-based Thermal Power Station and to develop and operate lignite mines primarily to meet the fuel requirements of the proposed thermal power plant.
NIRL ASSAM RENEWABLES LIMITED (NARL)
A Joint Venture between NIRL and APDCL in Assam
NLC India Limited (NLCIL) and Assam Power Distribution Company Limited (APDCL) signed a MoU on 09th August, 2022, was subsequently amended on 18th August, 2023. Pursuant to this, a Joint Venture Agreement (JVA) was signed on 10th January, 2025 between NIRL, a wholly owned subsidiary of NLCIL and APDCL for the formation of a Joint Venture Company. Accordingly, the JV Company,
NIRL Assam Renewables Limited (NARL), was incorporated on 7th May, 2025, with equity participation in the ratio of
51:49 by NIRL and APDCL respectively, for developing 1,000 MW Green Energy Projects across the State of Assam.
In line with this agreement, Solar Power Project sites have been identified and proposed by NARL at Lahorijan and Ranpangbong, located in the Karbi Anglong district of Assam.
NIRL RAJASTHAN RENEWABLES LIMITED (NRRL)
A Joint Venture between NIRL and RVUNL in Rajasthan
NLC India Limited (NLCIL) and Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL) signed a Memorandum of Understanding (MoU) on 10th March, 2024, followed by a Joint Venture Agreement (JVA) executed on 23rd October, 2024 between NLC India Renewables Limited (NIRL) and RVUNL for the formation of a Joint
Venture Company.
Accordingly, the JV Company, NIRL Rajasthan Renewables Limited (NRRL), was incorporated on 2nd June, 2025, with equity participation in the ratio of 74:26 by NIRL and RVUNL, respectively.
The primary objective of the JV Company is to establish and operate 2,000 MW Green Energy projects in the State of Rajasthan to meet the Renewable Purchase Obligation (RPO) of the State.
This JV marks a significant milestone in NLCILs renewable energy portfolio diversification and is aligned with the
Government of Indias vision for accelerated energy transition.
TReDS Portal – MoU parameter
During the financial year 2024-25, your Company has successfully completed ERP integration with one of the TReDS (Trade Receivables Discounting System) platforms bill discounting service providers. Post integration, significant volume of transactions was executed, comprising 80 transactions aggregating H 10.71 Crore processed through the platform.
It is further noteworthy that your Company has already registered with all four TReDS service providers notified under the TReDS Portal. This proactive compliance measure, in line with the Government of Indias directives and MoU parameters, ensures enhanced operational flexibility, faster realization of receivables, and improved liquidity support to
MSME vendors through timely discounting of invoices.
Loan, Guarantees and Investments
Details of loans and investments covered under the provisions of Section 186 of the Companies Act, 2013 forms part of the
Financial Statements.
Deposits
The Company has not accepted any deposits from the public during the year.
Bonds, Borrowing & Credit Rating
During the financial year 2024-25, your Company has not issued any Bonds.
Commercial Paper
During the financial year 2024-25, due to better fund management, sales bill discounting and increase in realisation has improved the liquidity position of the Company and hence, Company has not issued any commercial paper.
Credit Rating for Borrowings
During the year under review, your Company has retained the highest creditworthiness ratings from accredited agencies, with a "AAA" rating for Long-Term Borrowings (including Bonds issuance) and an "A1+" rating for issuance of Commercial Papers, reaffirming the Companys strong financial position, robust fundamentals, and high degree of safety with respect to timely servicing of debt obligations.
The present Credit Ratings of the Company are as under:
| Sl. No. Rating Agency / Particulars | Rating Assigned |
1 ICRA |
|
| Non-Convertible Debentures - Secured - H 2,000 Crore | [ICRA] AAA(Stable) |
2 CRISIL |
|
| Working Capital Loan (State Bank of India) - H 5,000 Crore | CRISIL AAA/Stable |
| Non-Convertible Debentures (Issued amount- H 2,175 Crore) –Unsecured - H 3,000 Crore | CRISIL AAA/Stable |
| NNTPS Loan (SBI H 406.70 Crore and IOB H 1,078 Crore) - H 1,484.70 Crore | CRISIL AAA/Stable |
3 CARE Ratings |
|
| NNTPS 1000 MW (Power Finance Corporation) - H 1,650 Crore | CARE AAA; Stable |
| BG Facility (ICICI Bank) - H 772 Crore | CARE AAA; Stable, CARE A1+ |
| Commercial Paper - H 6,000 Crore | CARE A1+ |
4 India Rating (Fitch Group) |
|
| Solar 709 MW ( State Bank of India) - H 1,403 Crore | IND AAA/Stable |
| Non-Convertible Debentures – Secured - H 2,000 Crore | IND AAA/Stable |
| Non-Convertible Debentures – Unsecured - H 2,175 Crore | IND AAA/Stable |
| Commercial Paper - H 6,000 Crore | IND A1+ |
| Sales Bill Discounting -H 2,000 Crore | IND A1+ |
5 Infomerics Ratings |
|
| Talabira Mine ( State Bank of India) - H 1,092.36 Crore | IVR AAA/Stable |
| Solar 200MW PP (Bank of Baroda) - H 916 Crore | IVR AAA/Stable |
6 Acuite Ratings & Research |
|
| Solar 300 MW (IndusInd Bank) - H 1,000 Crore | ACUITE AAA/Stable |
COMMERCIAL
Power Dues Realisation:
• During the year under review, your Company had received an amount of H 9,405 Crore out of the total billed value of H 8,626 Crore for the FY 2024-25 working out to a collection efficiency rate of 109.03%.
• The outstanding power dues including for the month of March 2025 invoices as on 31st March, 2025 was H 2,681 Crore as against H 4,632 Crore for the corresponding period of the year ended 31st March, 2024. The dues beyond the 45 days limit as on 31st March, 2025 was H 1,597 Crore as against H 3,174 Crore for the corresponding period of the previous year ended 31st March, 2024.
• Scheduling of power is being done in compliance with the MOP directives on LC - Payment priority mechanism.
Power Trading in Power Exchange
During the year under review, your Company has actively engaged in trading activities in the Power Exchanges, leveraging its technical capabilities and optimizing surplus generation for revenue maximization. The key highlights are as under:
Trading of Surrendered Power & URS Power:
• Your Company continuously trades surrendered power in the Day-Ahead Market (DAM) and Real-Time Market (RTM) segments of Power Exchanges, subject to surplus lignite availability and the technical parameters of its thermal fleet
• During FY 2024–25, total power surrendered across all generating stations stood at 926 MUs, of which 434 MUs
(47%) were from National Load Despatch Centre (NLDC) under Ancillary Service Regulations for maintaining grid frequency stability.
• A total of 187 MUs of URS power from the Thermal Power
Stations were sold through different segments of the Power
Exchange during FY 2024–25, generating a gross revenue of
60 Crore, as against 68 MUs and 21 Crore in FY 2023 24, reflecting a substantial year-on-year growth.
Power Trading under Trading License:
• Your Company, holding a trading licence, traded 259 MUs of power during FY 2024–25 (comprising both sale and purchase of power on behalf of grid-connected entities), as compared to 174 MUs in FY 2023–24, thereby enhancing its role in power market operations.
These trading initiatives have enabled the Company to optimize utilization of available generating resources, contribute to grid stability, and augment revenue streams, in line with the regulatory framework prescribed by the Central
Electricity Regulatory Commission (CERC).
Regulatory Affairs:
A. Filing Truing up petition for the period 2019-24 and Tariff petition for the period 2024-29
• The truing-up Petitions based on the actual expenditures incurred during the period 2019-24 for your Company Thermal stations, Barsingsar lignite Mine, Neyveli lignite Mine and Talabira Coal mine were filed by 26thNovember, 2024.
• Tariff Petition with projected expenditures for the period 2024-29 for your Company Thermal stations, Barsingsar lignite mine, Neyveli lignite Mine and
Talabira Coal mine were filed by 29thNovember, 2024.
• Petition for adoption of tariff for 510 MW Solar Power under CPSU scheme was filed on 16th December, 2024.
B. Meet with CERC, DISCOMS & other Stakeholders
• Meeting was held at New Delhi on 1st August, 2024 with CERC Chairperson, uniqueness and challenges involved in Lignite Mines were explained.
• Conducted Regulatory Meet at Andaman from 11th October, 2024 to 14th October, 2024 in which Chairperson, Members & Secretary from CERC and
NTPC officials participated. The Main Issues related to Lignite mining and Thermal power Generation were discussed.
• Conducted Customer Meet at Chennai on 22nd July, 2024 in which representatives from all
. DISCOMS participated and acknowledged the issues related to Neyveli Mines and the lignite issues at our
Power stations.
Key Regulatory Developments:
During the year, the following important regulations were notified by CERC, having direct operational and financial implications for your Company:
• During the year 2024-25, 10 nos. of CERC Orders were received including Remand Orders from APTEL.
• Central Electricity Regulatory Commission (Deviation Settlement Mechanism and Related Matters) Regulations,
2024 was notified on 5th August, 2024 and got effective from 16th September, 2024. Reference Charge Rate was delinked from Market price & linked to respective thermal station Energy Charge Rate which is a positive impact on
NLCIL stations.
• Central Electricity Regulatory Commission (Indian Electricity Grid Code) (First Amendment) Regulations,
2024 was notified on 23rd October, 2024. Instances of
NLCIL thermal stations getting station schedule less than Minimum Turn-Down Level (MTL) got reduced further thus reducing power surrender from DISCOMs.
• Central Electricity Regulatory Commission (Terms and Conditions of Tariff) (First Amendment) Regulations,
2025 was notified on 04th February, 2025. It simplified coal pricing for new mines by reducing billing-tariff gap &
Revised compensation mechanism for Part load operation of thermal stations due to Beneficiary Schedule.
Interaction with Stakeholders:
During the year under review, your Company has proactively undertaken multiple stakeholder engagement initiatives to foster transparency, enhance confidence, and strengthen long-term relationships. The measures undertaken include:
Investor Engagement:
• Conducting Investor Conferences and Roadshows to apprise institutional and retail investors of the Companys performance, strategic initiatives and growth roadmap.
• Organizing periodical investor calls to ensure timely communication on operational and financial updates.
Customer and Vendor Outreach:
• Hosting Customer Meets and Vendor Meets to address operational issues, capture stakeholder feedback, and reinforce collaborative partnerships.
Public Communications:
• Regular dissemination of information regarding the Companys developments, plans and milestones through press releases, business news channels and social media platforms, in accordance with the principles of transparency and accountability.
These continuous engagement efforts have significantly contributed to strengthening stakeholder confidence, ensuring alignment with the Companys strategic vision, and enhancing its reputation in the domestic and international markets.
Sustainability Development Measures
Your Company has been diligently aligning its operations with the Ministry of Coals Sustainable Development Cell (SDC) directives, demonstrating a strong commitment to environmental sustainability. Your Company has made significant progress in bio-reclamation, exceeding its
FY 2024-25 target of 194 hectares by reclaiming 195.22 hectares of land.
Mission LiFE activities are a key focus, with mass tree plantation drives conducted during significant environmental events, such as World Earth Day and World Environment Day.
Your Company has also partnered with expert institutions for ecological studies of reclaimed areas, avian diversity, the development of a deer park management plan, bio-mass growth and research on suitable tree species for mine spoils.
Additionally, a detailed study on mine-water potential for community use has been completed, highlighting Your Companys contributions to water resource management in surroundings of Neyveli, Cuddalore District. Based on the study, Secretary, MoC has informed the Chief Secretary,
Govt. of Tamil Nadu regarding the active contribution of
Your Company towards water resource management and sustainability in the region along with community betterment.
Under Mission GREEN initiative of MoC, your Company initiated steps for Neyveli NEER (a bottled drinking water project), Pisciculture, Miyawaki Plantation, Hi-tech cultivation etc.
Your Company is repurposing mined-out lands for renewable energy projects and installing 50 MW solar PV system on 85 hectares of de-coaled lands in Mine-II, Neyveli, Tamil Nadu.
Environment Compliance Measures
Your Company has consistently adopted and promoted the best Environment Management Plan (EMP) since its inception and remains deeply committed to sustainable, environment friendly mining and power generation. The
Environmental Policy of your Company is aligned with its
Vision and Mission, reflecting its focus on ecological balance and responsible growth.
During the year, your Company continued to undertake mass tree plantations for the benefits of slope stabilisation of the
Mines Overburden dumps in order to convert the Mine spoil 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 in the atmosphere.
soil erosion besides Sequestration of CO2
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 by your Company has received many awards for maintaining better environmental management practices. The lists of such awards received during the year 2024-25 are as under:
Awards & Recognition
In recognition of its various activities, your Company, has been conferred with the following awards during the year
2024-25:
• Winner of Global Energy and Environmental Foundation (GEEF) Award for the year 2024 and 2025
• Winner of Greentech Environmental Excellence award 2025 a for best Environmental practices
• Winner of Environment Excellence Gold Award – 2025 from 1stGreenEnviro Environment Award in Thermal category.
Insurance
During the year, your Company obtained 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.
Land Acquisition and R&R Policy
Your Company, with mining and power projects spread across multiple States in India, undertakes land acquisition and resettlement & rehabilitation (R&R) activities in compliance with the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement (RFCTLARR) Act, 2013, as well as the respective State Government policies and guidelines. All relevant notifications, Government orders and statutory provisions are duly followed, ensuring that the process remains transparent, fair and legally compliant. The Company is facing deficit in availability of land at Neyveli for lignite mining, however, the Company is confident of overcoming the challenges on land acquisition at Neyveli mines with sustained efforts, in the near future. In order to ensure availability of lignite, the Company has undertaken contingency mining with additional cost and resources. Your Company has established Grievance Redressal Offices at project sites to provide affected families and communities with a structured platform to raise concerns and seek timely resolution. This mechanism ensures transparency, builds trust and strengthens community relations.
In line with its commitment to livelihood restoration, your Company also conducts skill development training programmes for Project Affected Persons (PAPs). During
FY 2024–25,
• One-year exclusive PG Diploma programmes for PAPs through the National Power Training Institute (NPTI), including Renewable Energy & Grid Interface Technology.
• Training imparted to 326 PAPs as SME Operator Assistants and 96 PAPs as Mines Support Service trainees under a three-year training scheme.
• Proposed training support for PAPs through reputed coaching institutes for competitive examinations (TNPSC, SSC, UPSC, etc.) and other advanced technical training programmes.
Your Company remains committed to safeguarding the interests of PAPs through fair compensation, livelihood enhancement and community development initiatives. Land acquisition and R&R measures are carried out with a focus on minimizing displacement, promoting social acceptance and enabling sustainable growth of both the organization and local communities. Going forward, your Company will continue to strengthen stakeholder engagement, expand skill-building initiatives, and adopt best practices to ensure smooth implementation of ongoing and future projects.
Research and Development (R & D)
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:
• Carrying out Science & Technology (S&T) Research Projects,
• Environmental monitoring, Pollution level measurements,
Quality control Testing & Consultancy, Technical services.
• Technology development, patenting and commercialization based on the R&D and Pilot Plant outcome, Co-ordinating for S&T Projects undertaken by the Company, institutional services to students, special studies for operation & new schemes and new initiatives etc.
• 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.
• 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.
The total R&D expenditure, incurred during the year 2024-25 was H 42.20 Crore.
Human Resource Development
Your Company recognizes that its employees are its most valuable assets and the key drivers of growth and operational excellence. A conducive and enabling work environment is consistently provided to employees, thereby fostering high performance, innovation and sustained engagement.
Training
In 2024-25, a total of 838 training programs were conducted, comprising 453 planned and 385 add-on programs. Together, these programs reached 27,994 participants, demonstrating NLCILs wide outreach and adaptability in addressing diverse training needs.
Planned programs primarily focused on Behavioural
Competencies, HR, Health & Wellbeing, and Safety.
Notably, 91 behavioural competency programs trained over 2,700 employees, reinforcing NLCILs focus on leadership and interpersonal effectiveness. Additionally, HR functional training saw strong participation with nearly 2,000 attendees, highlighting internal capability enhancement in people management practices.
Add-on programs complemented core training efforts with agile, high-impact interventions. The Skills Upgradation initiative alone trained more than 6,000 participants, emerging as the highest-engagement module. Management
Development, Functional HR and Safety-related sessions also made significant contributions to professional growth and regulatory compliance.
Industrial Relations
Your Company continues to uphold the principle of participative management by maintaining regular bipartite meetings with Recognized Unions (collective bargaining agents) and Associations to address employee concerns in a constructive manner.
• The industrial relations climate remained cordial throughout
FY 2024 25, with no man-hours lost due to industrial unrest.
• The Secret Ballot Election was conducted on
25th April, 2025 by the Returning Officer/DCLC (Central), Chennai. Subsequently, on 23rd June,2025, the NLC Labour Progressive Union and Kanaraga Thozhir Pirivu Anna Thozhir Sanga Peravai (ATP) were conferred recognition as collective bargaining agents.
• Affordability was reviewed and approval was obtained for continuation of payment of allowances and incentives under the Unified Incentive Scheme (UIS) for unionized workmen/ non-executives.
• The Company received the "Best IR Strategy for Collaborative Productivity Improvement Initiatives" award from the National Institute of Personnel Management
(NIPM) at NATCON 2024, Mangalore.
Manpower
The total manpower strength, including subsidiaries, stood at 10,227 employees as on 31st March, 2025 as against 10,368 as on 31st March, 2024.
Reservation of Posts
The group-wise representation of SC/ST/OBC as on 31stMarch, 2025 stands as follows:
| Strength of SC/ST/OBC | % of SC/ST/OBC | ||||||
| Group | Total Strength | SC | ST | OBC | SC | ST | OBC |
| A | 2,939 | 616 | 316 | 736 | 20.96 | 10.75 | 25.04 |
| B | 304 | 63 | 17 | 96 | 20.72 | 5.59 | 31.58 |
| C | 4917 | 942 | 48 | 1951 | 19.16 | 0.98 | 39.68 |
| D | 2067 | 499 | 8 | 961 | 24.14 | 0.39 | 46.49 |
Total |
10,227 | 2,120 | 389 | 3,744 | 20.73 | 3.80 | 36.61 |
EMPLOYEES WELFARE AND SOCIAL SECURITY SCHEMES
Educational facilities
Your Company recognizes education as a cornerstone for social upliftment and continues to extend quality education to employees wards, children of contract workmen, daily wage earners, and students from economically weaker sections of society residing in peripheral villages. Presently, 8 schools are being run under the patronage of your Company with a total student strength of 4,291 during the year.
Scholarship Schemes and Tuition Fee Concession
Your Company provides educational assistance (scholarships) to the wards of employees (General, SC/ST, OBC category) and wards of Contract Workmen to pursue higher education (under graduate degree / diploma / professional courses) till the duration of the course subject to a maximum of five years.
| Educational Assistance | Beneficiaries during AY 2024-25 | Amount Disbursed |
| General | 152 | 24.76 |
| SC/ST | 218 | 41.80 |
| OBC | 531 | 102.90 |
Total |
901 | 169.46 |
In addition, your Company recognizes academic excellence by presenting cash awards to meritorious wards of employees who secure 80% and above in CBSE examinations and 90% and above in State Board (10th & 12thStandard) examinations.
In addition to the above, Your Company also reimburses tuition fees every year for non-employee wards students belonging to SC/ST/OBC categories, predominantly hailing from the surrounding villages of your Companys projects, who are pursuing studies at Jawahar Science College, Neyveli, patronised by your Company. The reimbursement amount ranges from H 25,660/- to H 42,530/- per annum.
| Category of students | Beneficiaries | Amount sanctioned (H ) |
| SC/ST (Excluding CSR) | 67 | 18,32,300/- |
| OBC (Excluding CSR) | 105 | 29,93,070/- |
| 172 | 48,25,370/- |
During FY 2024–25, an amount of H 48.72 lakh was disbursed to 517 wards of contract workmen under the Contract
Workmen Children Educational Assistance Scheme.
Medical Facilities
Your Company has established a robust health care model for protecting, preserving and promoting the health and well-being of its workforce and the community. The model is time-tested with proven results, founded on the belief that a healthy workforce is the key driver of economic and organizational sustainability. Since the establishment of the
NLC India Hospital (NLCIH) in 1962, your Company has continued to support and expand comprehensive medical services. NLCIL Hospital a secondary level medical facility with a bed capacity of 350, catering not only to employees and their families but also to residents of peripheral villages. The facilities include:
• The hospitals Outpatient (OP) Services continued to deliver comprehensive care, supported by well-equipped diagnostic facilities, pharmacy and therapy services. A wide range of specialties was offered, including General Medicine, General
Surgery, Obstetrics & Gynecology, Pediatrics, Orthopedics, Ophthalmology, ENT, Dermatology, Chest Medicine,
Psychiatry, Dental and Ayurveda. In total 3,28,979 patients availed OP services during the year.
• The Inpatient (IP) Services provided medical care across key specialties such as General Medicine, Surgery, Obstetrics & Gynecology, Pediatrics, Orthopedics, Ophthalmology and
ENT. These services supported the treatment and recovery of 7,207 inpatients during FY 2024–25, reflecting the hospitals continued commitment to accessible and quality healthcare delivery.
• The Intensive Care Unit has 09 beds equipped with
Multipara monitors, defibrillators and three Ventilators to provide secondary level of care for all medical emergencies.
• Emergency care service is operational on 24X7 basis.
08-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 linked with Advanced Life Support ambulance services for inter-transfer facility of critically ill patients to higher centres.
• Ayurveda dispensary is functioning where 25,374 patients got treatment
• NLCI Hospital has established empanelment with 24 hospitals for providing tertiary care treatment to the needy patients.
• In the FY 2024-25, 4,208 patients were referred to various hospitals and 6,357 times patients were sent for review.
• High End Cardiac Centre with State-of-the-art "Cath Lab Facility" is established in collaboration with Shri Kauvery
Medical Care (India) Ltd., Trichy at NLC India Hospital, Neyveli. The Centre is equipped to handle all medical emergencies with 25 bedded Cardiac facility. Procedures like coronary angiogram, coronary Angioplasty and other procedures can be carried out in this Centre.
• 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.
• Under the 100 Days Intensified TB Elimination Program,
NLC India Hospital screened 2,902 individuals, conducted
1,939 chest X-rays and tested 291 samples for sputum AFB, identifying 16 TB cases. Awareness programs reached 5,693 people and 30,000 IEC materials were distributed. Additionally, under the NI-KSHAY POSHAN YOJANA (CSR), 150 beneficiaries received protein-rich nutritional supplements.
In coordination with State health department, the following activities were conducted 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.
• Geriatric care services to the inmates of Ananda Illam run by NLCIL for care of elderly persons who have no family support.
Elders Home - Ananda Illam
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 31stMarch, 2025 stood at 226.
"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 (82 children: Boys-59 & Girls-23) which includes training in vocations like arts & crafts, candle making, paper cup & cover making, carpentry, gardening, cooking and doormat weaving. NLCIL also provides free Bus service to Sneha School Children.
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, the following activities undertaken throughout the year include:
• The Official Language Implementation Committee (OLIC) meetings were held quarterly under the chairmanship of the CMD, with minutes shared with all stakeholders including
MoC and TOLIC (Puducherry). Regular monitoring of Hindi usage at the unit level was carried out and the
Best Performance in OL Award was presented quarterly.
Quarterly Progress Reports and Annual Assessment Reports were submitted to the Department of Official Language, MoHA and the Ministry of Coal. The Hindi version of
Annual Reports for NLCIL and its subsidiaries was also submitted to MoC.
• A total of 135 employees were enrolled in Hindi Correspondence Courses for 2024–25, with exam fees sponsored by the Company. Cash awards were given to successful candidates from 2023 24. OL inspections were conducted across various units, with appreciation received from the Ministry of Coal for efforts at RO/Delhi and Neyveli. NLCIL was awarded 1st Prize by TOLIC (Puducherry) for Best OL Implementation. Hindi Fortnight
2024 was celebrated with competitions and Kavi Sammelan, while Spoken Hindi classes, workshops and translation activities continued across all units. Key documents, reports and committee materials were regularly translated and submitted on time.
Women Empowerment - Forum of Women in Public Sector (WIPS):
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
31stMarch, 2025 stood at 807 constituting 7.89% of Companys human resource.
The following activities were organized by WIPS, NLCIL by developing their potentials:
• In pursuance of provisions of Section 4 of Sexual Harassment of Women at Workplaces (Prevention, Prohibition and Redressal) Act, 2013 and Rule 13 (e) of Sexual Harassment of Women at Work Place (Prevention, Prohibition and Redressal) Rules, 2013, the Internal Complaint Committee is constituted to deal with complaints relating to Sexual
Harassment of Working women in the Company.
• For the benefit of the working women employees, "Anbalaya" a well-equipped Creche with trained personnel is in operation.
• The NLC India Limited chapter of WIPS has also organized and conducted several sports, cultural activities, group discussions for the benefit of women employees.
• Your Company has imparted fresh Skill and Entrepreneur development Training for the empowerment of women in the following job roles.
Self-Employed Tailoring.
Assistant Beauty Therapist.
Domestic Data Entry Operator.
Fashion Jewellery.
General Duty Assistant.
Handmade incense stick making.
Sewing Machine Operator.
• International Womens Day celebrations: Your Company
Celebrated International Womens Day 2025 on 8th March,
2025 in a grand Manner. The event was graced by:
Selvi Kasturi Rajamani, First Para Powerlifter (Chief
Guest).
Selvi N. Sengamala Thayar, Kalaimamani Awardee in Tamil Literature (2017), Govt. of Puducherry (Guest of Honour).
Smt. P. Jayanthi, Kalpana Chawla Awardee (Govt. of Tamil Nadu), Namakkal.
Safety
Your Company continues to take pioneering efforts in the area of industrial safety, implementing numerous initiatives aimed at enhancing safety standards in all Mines and Thermal Plants, in addition to full compliance with statutory requirements.
Key measures undertaken to ensure safety of personnel and equipment include: i. Adoption of blast-free lignite mining systems using bucket wheel excavators, belt conveyors and spreaders in all Neyveli mines. Similar blast-free mining practices are employed in Barsingsar mines for overburden and lignite using conventional mining equipment. At
Talabira Mines, blast-free mining is achieved through the use of surface miners for coal extraction. ii. Installation of Automatic Fire Detection and Suppression
Systems (AFDSS) and other safety devices on all Heavy Earth Moving Machinery (HEMM) deployed in Mines and Thermal Plants. iii. Annual safety audits of all Mines by a multidisciplinary
Corporate Safety Team and biennial safety audits of
Thermal Plants by accredited external agencies. iv. Monthly inspections of predetermined units by Corporate Safety Council members, with findings presented to Unit Heads and teams for action. v. Regular workshops and training programmes on safety for Mines and Thermal Plant personnel. vi. Monthly meetings of Safety Officers conducted by the Corporate Safety Department to review safety performance and follow-up actions. vii. Strict implementation of established Standard Operating
Procedures (SOPs) for all activities in Mines and
Thermal Plants.
viii. Development and implementation of risk assessment-based Safety Management Plans (SMPs) in line with Coal Mines Regulation, 2017, covering bench operations, specialized mining equipment, conveyor zones, groundwater control and conventional mining equipment. ix. Monthly Pit Safety Committee meetings in Mines and Unit Safety Committee meetings in Thermal Plants, in addition to special safety meetings by individual divisions. x. Weekly safety inspections of Mines, Thermal Plants and Renewable Energy Power Projects by Corporate Safety
Executives, with reports submitted to Unit Heads. xi. Recognition of your Company Industrial Medical
Centre by DGMS as a training centre for imparting First Aid training; regular training batches conducted for workmen. xii. Deployment of ambient air quality monitoring systems in Mines and Thermal Plant areas for continuous air quality monitoring. xiii. Use of water sprinklers and fog cannons in Mines to suppress dust; respirable dust monitoring conducted in compliance with regulatory requirements for free silica assessment. xiv. Regular data updates in the National Coal Mines Safety Report Portal. xv. Safety Auditors training conducted through Anna
University to build internal audit capabilities for Safety and Health Management System audits, as per Ministry of Coal guidelines. xvi. Completion of Safety and Health Management System Audits in all Mines by trained internal auditors. xvii. Launch of the "NLCIL Aran" Mobile Safety App on National Safety Day, 2025 for reporting unsafe observations and near misses. xviii. Celebration of National Safety Day in all Thermal Plants. xix. Observance of Mines Safety Week 2024 in Neyveli
Mines from 9th to 14thSeptember, 2024.
Awards & Recognition
In recognition of its various activities, your Company, has been conferred with the following awards during the year
2024-25:
• "Indias Rising Star award" in Indian Brand & Leadership Conclave 2024 hosted by the Brand Story in Goa on
20thApril, 2024.
• NLCIL has successfully reached the milestone of qualifying for International Project Management Association Delta
Certification Level 3 (Standardized) in the Preliminary
Assessment conducted by IPMA. First organisation in India to achieve this feat for Project Governance Maturity Level.
• Chairman and Managing Director was conferred with the CEO OF THE YEAR award by Top Rankers Excellence Awards on 23rd August, 2025.
• "Corporate Responsibility Champion Award" at the Outlook Planet Sustainability Summit & Awards 2024 held at Goa on 27th May, 2024.
• Chairman and Managing Director of your Company conferred with the "Best CEO Corporate Management
Innovative Leadership Excellence Award 2023-24" at the 24th Annual Geominetech International Symposium on
11th & 12thJuly, 2024.
• "Best ESG Report" in the Organization Award category for Integrated Annual Report for the FY 2022-23 at the 11th Edition of "The Original National Awards for Excellence" on 11th July, 2024 in Mumbai.
• NTPL received the "GEEF Global Water Tech Award" under the category "Water Conservation Industrial
Project of the Year 2024" at Global Water tech Summit in New Delhi on 26th July, 2024.
• First Prize in the Best Exhibitor Award (Coal Category) at the Mines Safety Awards (MSA) 2024, organized by the All-India Mines Safety Association under the Directorate General of Mines Safety (DGMS) in Kolkata, on
28th July, 2024.
• "Emerging HR for Greater Good" for its significant contribution in the areas of Human Resource Management and CSR on 27thAugust, 2024 by XLRI, Jamshedpur.
• "Top Rankers Excellence Award for the Best CSR Practices" at the 24th National Management Summit, organized by the Top Rankers Management Club in New Delhi on 30thAugust, 2024.
• Barsingsar Lignite Mine has won the "Apex India Platinum Award-2024" for its outstanding achievement in Occupational Health and Safety (OHS) category in the Metal and Mining Sector.
• NLCIL adjudged as the winner of Silver Award for
"Best IR Strategy for collaborative productivity improvement initiatives" by NIPM at NATCON-2024 on 27th September, 2024.
• "Overall Proficiency Award" for the consistent top performance during the 5-month Certified Cyber
Warrior (CCW) V3.1 Program, conducted by Pravartak, IIT Madras on 22nd September, 2024.
• First Prize from MoC for its innovative practices and public participation during the Swachhata Pakhwada (Fortnight) from 16th June, 2024 to 30th June, 2024 on 21st October, 2024.
• First Prize of "Rajbhasha Shield" for the year
2023-24 by the Ministry of Home Affairs, Govt. of India.
• Chairman and Managing Director of your Company conferred with the prestigious "International Project Management Association (IPMA) Project Director (Level A) Certificate of competency" for his commitment in executing various complex projects at the strategic level and for his exemplary leadership skills.
• NLCIL bagged First Prize in the PRSI National Awards 2024 in the category "PRSI PSU Implementing RTI" on 22ndDecember, 2024.
• As one of the "Best Performers under Special Campaign 4.0" in the New Initiative/Best Practice category on 7thJanuary, 2025.
• Two prest igious GreenTech Cor porate Communications Awards 2025 in the categories of Excellence in Corporate Communication Strategy and Excellence in Crisis Management Communication on 9th January, 2025.
• "Mining Innovation Award" at the 3rd International
Conference on Safe & Sustainable Mining Technology.
• "Best Overall Financial Performance Award" and "Excellence in Learning and Development Award" at the Governance Now 11th PSU Awards in New Delhi on 28th February, 2025.
• "Best Enterprise Award (2nd place)" in the Navratna category at the 35th National Meet of WIPS, in recognition of its commitment to womens development.
• First Place in the "Best PSU Implementing RTI" category at the Public Relations Society of India (PRSI)
National Awards for the year 2024-25.
• Confederation of Indian Industries (CII) Award for Strong
Commitment to HR Excellence.
• 5-Star Rating: Mine-I, Mine-IA, Barsingsar Lignite Mine, and Talabira II & III OCP received the 5-Star Rating Award from the Ministry of Coal for FY 2022–23 in
October 2024. Barsingsar Lignite Mine also secured overall 2nd rank in the opencast mine category across India for the third consecutive year.
• Ministry of Coal announced the results on Star Rating for the performance base year 2023-24 and rated NLCILs three Mines (Mine-IA, Talabira & Barsingsar Mine) with 5 Star Rating and two Mines (Mine-I & Mine-II) with 4
Star Rating under Open Cast Mines category. Mine-IA stood in second (2nd) position among 228 Mines.
• Mines Safety Week/ Fortnight: First Aid team won the
First Prize in the State-level First Aid competition in
September 2024. Talabira II & III OCP won five prizes during the Annual Mines Safety Fortnight
2024 25 under DGMS, Bhubaneswar Region.
Barsingsar Lignite Mine Project (BLMP) won the First Prize in Lignite A category during the 38th
Mines Safety Week 2024-25.
• Quality Circle Awards: Mine-I "Pinnacle" team won the Gold Award at the State-level Quality Circle competition in September, 2024 and the Par Excellence Award at the NCQC, Gwalior in December 2024. Mine-II teams "Power
Automation" and "Challenger" won Excellence and Par Excellence Awards at the National Quality
Circle Forum in December 2024.
• Private Institutional Awards: Lignite Mine-I received the Greentech Workplace Safety Excellence Award and the Green Enviro Foundation Platinum Award for Excellence in Safety Training in January 2025. Barsingsar
Lignite Mine was conferred the Platinum Award by Apex India Foundation Mine-II was declared . the winner of the 22nd Global Greentech Workplace
Safety Award 2024 in January 2025.
Risk Management
A comprehensive Integrated Risk Management Policy and Framework 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
Management Committee, Audit Committee and the Board review the risk assessment together with the minimization procedure periodically.
Vigilance
Vigilance is a critical management tool that helps in channelizing the efforts of an organization towards higher growth trajectory. Its function should not be viewed as impediment in achieving the objective of the company rather it should be viewed as facilitator in accomplishing its objective.
In order to protect the interests and preserve the integrity of the Organisation, your Company has established a robust
Vigilance department headed by a Chief Vigilance Officer at the level of Joint Secretary to Government of India. The
CVO acts as an advisor to the CMD in all matters pertaining to vigilance and as nodal officer of the Organization for interaction with CVC and CBI.
In addition to the headquarters establishment at Neyveli, Vigilance personnel are deployed at its two Joint Ventures at NUPPL, Uttar Pradesh and NTPL, Tuticorin as well as at the off- site locations such as Talabira (Odisha) & Barsingsar (Rajasthan). The functions and activities of Vigilance can be broadly classified under 3 heads viz., preventive vigilance, punitive vigilance and Surveillance & detection.
As part of preventive vigilance measures various checks across all functional areas are carried out and recommended systemic improvement measures for implementation.
Notable improvements made:
• Mines: Corporate (NTP) Network Time Protocol server on implemented & plugged the loopholes in the Integrated Weighment Tracking System (IWTS); Processing for admitting contract workmen for basic Vocational Training is now done through e-office mode.
• Thermal: Non-operationalization of existing settling tanks in Thermal Power Stations which led to loss of Lignite (through the drains) and damage caused to environment was resolved by commissioning new desilting equipment; Unauthorized Entry / Exit of vehicles to ash pond curtailed by installing boom barrier and deploying CISF to avoid illegal transportation of minerals /ash.
• HR: Introduced mandatory reporting of all disposals by all Disciplinary Authorities (DAs) to the Appellate Authority enabling suo-moto Review even in non-appeal cases to safeguard the interests of the Company.
Mandatory verification of certificates of educational qualification and experience of new recruits was initiated by forming a cell by HR department.
• Procurement / Contract: A special drive was initiated and the long held up EMDs worth over H 8 Crore with material management Unit has been cleared. Mandated creation of
Purchase Requisition (PR) for all Services / Works Contracts ensuring greater transparency.
• General Hospital: Improper expiry management of lab chemicals, reagents is now managed professionally; Hitherto not maintained Hindrance Register is now maintained; Lab test data, Billing module & Referrals are now integrated with Integrated Hospital Management System (IHMS); Responsibility of Contractor for Waste management is reinforced.
• Disposal of scraps is streamlined by ensuring weighment at both units and Disposal yard (initially it was only at disposal yard); segregation of costly items (such as copper cables) during disposal of machine scrap introduced to generate more revenue.
• Security: SOP formulated for CCTV control room at
Security Office for CCTV footage viewing/sharing, access control, exception reporting log, Authorization of CCTV maintenance crew etc.
• e-Auction: Outsourcing of e-Auction platform to outside firm was gradually reduced and taken up through in house NeAT platform.
• @NTPL: Implemented biometric/digital attendance for contract workers; mandated independent verification of Police Verification Certificates (PVCs).
• @NUPPL: Strengthened surveillance in the township by installation of CCTV Cameras (32) inside Township; setting up of access control through ‘face reader for regulating entry /exit of contract workers; A book on Dos & Donts for Site Executives, containing HR, IR and Financial guidelines released.
• @Talabira: Digital Logistic Management System (DLMS) implemented and linked it with SAP Data (Sales).
• @Barsingsar: Fixed critical inventory thresholds at OHC Pharmacy; digitized records; strengthened inspection frequency.
• IT initiatives: Role based access control (RBAC) application and Software Requirement Management (SRM) launched.
• Capacity building program:
Conducted 4 sectoral interactive workshops (Mines, Thermal, Procurement, Finance) with focus on case studies and transparency issues.
Organized 11 training programs, benefitting 675 executives (including new recruits), covering vigilance administration, GeM procurement, ethical awareness, case studies on purchase & contracts, CCTV/video analytics, and refresher courses on conduct rules.
• Vigilance Awareness Week (VAW 2024): Vigilance Awareness Week was observed with wide stakeholder participation, including:
Grama Sabhas in nearby villages spreading anti-corruption awareness.
Contractor, Vendor and Consumer Meets in Neyveli,
Tuticorin and Talabira.
Launch of Integrity Clubsin 13 schools around Neyveli.
Creative awareness programs such as stamp design, rangoli, walkathons, street plays, flash mobs, short films, debates and talk shows.
A "Signature Wall" capturing Integrity Pledges from hundreds of employees, students and stakeholders.
Through these sustained measures, your Company continues to reinforce its commitment towards a transparent, accountable and integrity-driven governance framework.
Implementation of Integrity Pact
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
H 1 Crore and above are monitored.
During the year 2024-25, Two Structured meetings were held with Independent External Monitors (IEMs) for discussions on procurement and contract related issues. During the period, IEMs held 1 (one) Review meeting wherein the orders covered under Integrity Pact were reviewed.
Cyber Security
During the year, the IT department completed several strategic initiatives aimed at enhancing digital capabilities, strengthening cybersecurity and improving employee experience across the organization.
• A hybrid mobile application was developed and launched for Android & IOS, to provide employees with seamless access to key services and information, self-service digital platform for claims / reimbursements, improving workforce connectivity and productivity across locations and devices.
• In alignment with its commitment to health and safety, your Company introduced a dedicated mobile application, aimed at improving safety in all work areas. The mobile application facilitates real-time incident reporting, emergency response coordination and dissemination of safety alerts, thereby enhancing overall workplace safety and preparedness.
• Considering the rapidly evolving cybersecurity landscape, your Company implemented a range of fortification measures to protect critical assets and data including network segmentation, deployment of EDR, phasing out of legacy systems & cloud backup systems.
• Simplification & automation of business processes have been carried out by integrating the ERP System with external platforms including GeM, GST, TreDS, IIG, Banking
Gateway/CMP, NeSL.
• Data Logistics Management System has been implemented at Talabira Mines for coal sales, ensuring enhanced transparency through automated weighment and integrated with portals of Government of Odisha and SAP.
These initiatives reflect our Companys continued investment in building a secure, agile and future-ready digital environment that supports both organizational goals and employee empowerment.
Digital Culture
Your Company has undertaken the following initiatives while transforming to digital culture:
• SAP ERP is used as the enterprise software for core business.
• E-Procurement of products and services is carried out through a common portal.
• Email, Intranet, SMS services help for dissemination and Virtual Private Network (VPN) has enabled extended office connectivity.
• Video Conferencing, Collaboration tools and virtual meetings are being conducted with distant Business units.
• Digitisation of Agenda of Board & its
Committee Meetings.
• Pro-Active and Digital Initiatives like E-office, Document Management System and E-payments have ensured digitization of documents and paperless processes. These have simplified e-governance by promoting in more effective and transparent processes.
• 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.
• 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.
• The digitization efforts have 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.
• Digital Logistic Management System (DLMS) implemented and linked it with SAP Data (Sales).
Centralized Payment Process of Stores and Spares
In your Company, the respective unit account centre except for the materials purchased by Permanent Central Stores (PCS) and Mines Sub Stores (MSS) carried out payment for spares and other materials purchased by units. For PCS and
MSS, accounts centres of Material Management Complex
(MMC) and Mine I carried out the payment, respectively.
Thus, the centralised payment implemented in March, 2024 has helped in controlling the payments and reducing the time taken for making the payments.
Compliance Monitoring
Your Company has set up a software based Legal Compliance
Management System (LCMS) for effectively monitoring and ensuring compliances of legal provisions applicable to the Company.
Corporate Social Responsibility
• 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 socio-economic 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 https://www.nlcindia.in/ new_website /index.htm. During the Financial year 2024-25, your Company spent 48.63 Crore (including 1.44 Crore for EC Compliance) towards CSR initiatives exceeding the statutory requirement of 2% of the average net profits of the Company for the last three years.
• The details of specific CSR Projects undertaken in compliance with Section 135 of the Companies Act, 2013 are provided in Annexure-Ito this Report.
Compliance under the Right to Information Act, 2005
Your Company continues to ensure full compliance with the provisions of the Right to Information Act, 2005 by facilitating transparency and timely response to information requests. Central Assistant Public Information Officers (CAPIOs) representing different functional areas, along with the
Nodal Officer, Central Public Information Officer (CPIO),
Appellate Authority and Transparency Officer, have been nominated to address queries and appeals in a time-bound manner.
During the year 2024-25:
• RTI Applications: A total of 566 applications comprising 3,340 queries were received, of which 548 applications were disposed of within the prescribed timelines. The remaining 18 applications were under process, well within the mandatory period.
• First Appeals: 102 First Appeals were received and disposed of in accordance with the provisions of the Act.
• Second Appeals: Hearings were attended in 21 cases before the Central Information Commission (CIC), with favourable decisions for your Company in 20 cases.
• Third-Party Audit: The third-party RTI compliance audit for 2023-24 was carried out by Indian Maritime University (IMU), Chennai, and the audit report along with the certificate has been hosted on the RTI page of your Companys website.
Compliance under Public Procurement Policy
In line with the Public Procurement Policy notified by the
Ministry of Micro, Small and Medium Enterprises (MSMEs), your Company achieved total procurement of 54.72% from MSMEs during the year 2024-25, significantly exceeding the prescribed target of 25%.
Your Company has also been onboarded on the Trade Receivables e-Discounting System (TReDS) platform, which facilitates timely realization of trade receivables of
MSMEs through financing by multiple financiers, thereby enhancing their liquidity. The Company remains committed to supporting MSMEs by ensuring prompt payments and expanding procurement opportunities in accordance with Government of India guidelines and the Department of Public
Enterprises (DPE) directives.
Procurement through GeM Portal
During the year 2024-25, your Company procured goods and services valued at H 1,967.55 Crore through the Government e-Marketplace (GeM) Portal, in line with the directives of the
Government of India to promote transparency, efficiency and competitiveness in public procurement.
Continuous efforts are being made to enhance procurement through GeM by leveraging its various functionalities, including the "Custom Bid" facility introduced in 2020, enabling the Company to source customized requirements while ensuring wider vendor participation and cost efficiency.
Citizens Charter
Your Company maintains Citizens Charter, setting out the details of clients, customers under different heads, different system of redressal of grievance etc., and the same is regularly updated.
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
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-II.
Management Discussion & Analysis Report and Report on Corporate Governance
The Management Discussion & Analysis Report is furnished in Annexure-III The Report on Corporate Governance . on the compliance of Corporate Governance conditions stipulated by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the DPE guidelines on corporate governance is furnished in Annexure-IV.
The Auditors Certificate on the compliance of above Corporate Governance Conditions is furnished in
Annexure – V.
Statutory Disclosures under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015
Annual Return
In accordance with the Companies Act, 2013, the annual return in the prescribed format is available https://www. nlcindia.in/investor/AR2023-24.pdf
Particulars of Contracts or Arrangements with Related Parties
All related party transactions entered into by the Company during the year 2024-25 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. 40 to the financial statement which sets out related party disclosures pursuant to Ind AS-24.
Declaration by Independent Directors
Pursuant to the provisions of Section 149(6) of the Companies Act, 2013 and Regulation 25(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Independent Directors of the Company have submitted declarations confirming that they meet the criteria of independence prescribed under the Act and the
SEBI (LODR) Regulations.
Further, all Independent Directors have confirmed that their names have been included in the database of Independent Directors maintained by the Indian Institute of
Corporate Affairs, as required under Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014.
Particulars of Employees
Pursuant to the 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, inter alia, the ratio of the remuneration of each Director to the median remuneration of employees and details of employees receiving remuneration exceeding the limits as prescribed in the Directors Report.
However, as per notification dated 05th June, 2015 issued by the Ministry of Corporate Affairs, Government Companies are exempted from the applicability of Section 197 of the
Companies Act, 2013. Accordingly, such particulars are not included as part of this 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, 2025, there were 1200 shares pending unclaimed in the Demat Suspense Account/unclaimed
Suspense Account.
Material changes affecting financial position 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:
In accordance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules framed thereunder, your Company has in place a robust policy and mechanism to prevent, prohibit and redress complaints of sexual harassment at the workplace. An Internal Complaints Committee (ICC) has been constituted at the Corporate Office and all major Units/
Projects to provide a safe and secure working environment for women employees and contract personnel.
The ICCs are empowered to receive and investigate complaints in a fair and impartial manner, ensuring strict confidentiality and adherence to statutory timelines. Awareness programmes and training sessions on prevention of sexual harassment are conducted periodically across the organisation to promote a culture of respect and inclusion.
During the Financial Year 2024 25: (a) Number of complaints received: 4 (b) Number of complaints disposed of: 4 (c) Number of cases pending for more than 90 days: NIL
Maternity Benefit to Women employees
The Company has duly complied with the applicable provisions of the Maternity Benefit Act, 1961 and the rules made thereunder. The Company ensures that all eligible women employees with less than two surviving Children are granted upto 180 days of Maternity Leave, flexible Nursing
Breaks and other prescribed entitlements as per Maternity
Benefits Act, 1961. The Company is committed towards fostering a supportive work environment that promotes the health, safety and welfare of its women employees.
AUDITORS:
Statutory Auditors
In accordance with the provisions of Section 139 of the Companies Act, 2013, the Comptroller and Auditor General of India (C&AG) appointed M/s. Sundaram & Srinivasan, Chartered Accountants, and M/s. Chaturvedi & Co. LLP,
Chartered Accountants, as the Joint Statutory Auditors of the Company for the Financial Year 2024 25.
The Board of Directors, on the recommendation of the
Audit Committee, has fixed the Statutory Audit fees at H 45.00 lakh plus applicable taxes for FY 2024 25, to be shared equally between the Joint Statutory Auditors.
The Board and the Audit Committee review the Auditors findings, management responses and action taken reports to ensure that appropriate remedial measures are implemented in a timely manner.
Branch Auditors
In accordance with Section 143(8) of the Companies Act, 2013, and as appointed by the C&AG, the following firms were engaged as Branch Auditors for FY 2024 25:
• M/s. N. Sarda & Associates, Chartered Accountants, appointed for auditing the Barsingsar Branch. The Board of Directors fixed the Branch Audit fees at H 5.00 lakh plus applicable taxes.
• M/s. K. D. Lath & Co., Chartered Accountants, appointed for auditing the Talabira Branch. The Board of Directors fixed the Branch Audit fees at H 5.00 lakh plus applicable taxes.
The Board of Directors and the Audit Committee, review their reports, and ensure that any observations or recommendations are acted upon promptly to maintain the integrity of financial reporting and compliance at the branch level.
Secretarial Auditors
In accordance with the provisions of Section 204 of the Companies Act, 2013 and the rules made thereunder, the Board of Directors, on the recommendation of the
Audit Committee, appointed M/s. D. Hanumanta Raju & Co.,
Practicing Company Secretaries, as the Secretarial Auditor of the Company for the Financial Year 2024 25.
The Secretarial Audit Report for the Financial Year 2024–25, along with the Managements reply to the observations of the Secretarial Auditors, forms part of this Report and is annexed hereto as Annexure–VI. The Secretarial Audit Reports of the Subsidiary Companies are also appended to the said Annexure.
The Secretarial Audit Report confirms that the Company has complied with the applicable provisions of the Companies Act, 2013, the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and other relevant laws, to the extent applicable, and that there are no material qualifications, reservations, or adverse remarks, except as stated in the said report.
Cost Auditors
Pursuant to the provisions of Section 148 of the Companies Act, 2013, read with the Companies (Cost Records and Audit) Rules, 2014, the Company has duly maintained the prescribed Cost Accounts and Records for its Mines and
Power Stations.
The Board of Directors, on the recommendation of the
Audit Committee, appointed M/s. R.M. Bansal & Co., Cost Accountants, Kanpur (Firm Registration No. 000022), as the Cost Auditors of the Company for the Financial
Year 2024 25, to conduct the audit of the aforesaid units. The remuneration payable to the Cost Auditors for the FY 2024-25 was ratified by the Members at the 68th Annual General Meeting of the Company held on
25thSeptember, 2024.
The Board of Directors and the Audit Committee review the Cost Audit Reports for the Financial Year 2023–24 and it was filed with the Ministry of Corporate Affairs on 28th August 2024, within the prescribed due date.
Comments of the Comptroller and Auditor General of India (C&AG)
In terms of Section 143(6)(b) of the Companies Act, 2013, the comments of the Comptroller and Auditor General of India (C&AG) on the Financial Statements of the Company for the year ended 31st March 2025 form part of this Annual Report and are annexed hereto as Annexure–VIII.
Adequacy of internal financial controls with reference to the Financial Statements
Pursuant to the provisions of Section 134(5)(e) of the Companies Act, 2013, your Company has laid down internal financial controls to be followed by the Company and such controls are adequate and were operating effectively as at 31st March, 2025. The internal control framework has been designed and implemented considering the essential components of internal control as stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These controls ensure the orderly and efficient conduct of business, including adherence to the
Companys policies, safeguarding of assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records, and timely preparation of reliable financial information.
The Board of Directors, through its Audit Committee, exercises oversight of the adequacy and effectiveness of the internal financial controls. Periodic internal audit reports, management reviews and compliance reports are placed before the Audit Committee, which monitors the implementation of audit recommendations and ensures compliance with the provisions of the Companies Act, 2013, the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and other applicable laws.
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 judgement 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.
BOARD OF DIRECTORS
Appointment
Details of appointment of Directors on the Board of the
Company are as under:
• Dr. Vasant Ashok Patil has been appointed as Independent Director w.e.f. 28th March, 2025.
• Shri Pradeep Kumar Saraogi has been appointed as
Independent Director w.e.f. 28thMarch, 2025.
• Shri M.T. Ramesh has been appointed as Independent Director w.e.f. 28thMarch, 2025.
• Shri Sanjeev Kumar Kassi, Joint secretary, Ministry of Coal, has been appointed as Government Nominee Director w.e.f. 3rdApril, 2025.
• Shri Sanoj Kumar Jha, Additional Secretary, Ministry of Coal, has been appointed as Government Nominee Director w.e.f. 9thMay, 2025.
Cessation
The following Directors relinquished from the Board of
Directors of the Company:
• Shri K. Mohan Reddy ceased to be Director (Planning & Projects) w.e.f. 01st June, 2024 due to superannuation.
• Prof. Nivedita Srivastava, Shri Prakash Mishra and Shri Subrata Chaudhuri ceased to be Independent Directors w.e.f. 1stNovember, 2024 on completion of tenure.
• Smt. Vismita Tej, Additional Secretary, Ministry of Coal ceased to be Part-time Official Director, w.e.f. 3rdApril, 2025 due to change in nomination.
• Shri Sanjeev Kumar Kassi, Joint Secretary, Ministry of Coal ceased to be Part-time Official Director, w.e.f. 1st May, 2025 due to change in nomination.
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.
Key Managerial Personnel:
The following changes took place in the Key Managerial
Personnel of the Company during the year under review:
• Shri R. Udhayashankar was relieved from the position of Company Secretary & Compliance Officer of the Company with effect from 11th February, 2025, consequent to his resignation.
• Shri Prashant Vinay Kaushik was appointed as Company
Secretary & Compliance Officer of the Company w.e.f. 11th February, 2025.
Further, pursuant to Section 152 of the Companies Act, 2013,
Shri Samir Swarup and Shri M. Venkatachalam, Directors will retire by rotation at the ensuing Annual General Meeting of the Company and being eligible offer themselves 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.
Acknowledgement
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, Uttar Pradesh, Gujarat, Odisha, 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 co-operation and continued support extended by the Governments of Tamil Nadu, Rajasthan, Uttar Pradesh, Jharkhand, Assam, Gujarat and Odisha, V.O.C. Port Trust, Tuticorin and the District
Administrations of Cuddalore, Tuticorin, Bikaner, Andaman & Nicobar, Sambalpur, Jharsuguda, Kanpur Nagar, Latehar,
Angul and Dumka. The support and co-operation extended by the Comptroller and Auditor General of India, Statutory Auditors, Branch Auditors, 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 : 4th September, 2025 | Chairman and Managing Director |
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