NLC India announced as highest bidder for new mine in Odisha

22 Nov 2024 , 03:19 PM

NLC India Ltd stated on Friday, November 22, that it has emerged as the top bidder for the new Patrapara south coal mine in Odisha’s Angul district, after the coal ministry’s coal block e-auction held the day before.
It said that the coal mining block had a total geological resource of 720.87 million tonnes, with a peak rated capacity of 12 million tonnes per year. This is the third commercial coal mine for NLC.
It further stated that a formal notification recognizing the business as the victorious bidder is expected shortly.
Earlier this week, the firm announced that its board of directors has authorized significant efforts to increase its renewable energy portfolio and assist subsidiary operations.
The board approved investing up to ₹3,720 Crore in its wholly-owned subsidiary, NLC India Renewables Ltd (NIRL). This investment, made in tranches, would support a variety of renewable energy projects in Gujarat and Rajasthan, subject to regulatory approval.
NLC India would buy renewable energy assets worth ₹6,263 Crore as of September 30, 2024, by subscribing to NIRL’s equity shares under its Asset Monetisation Plan. The shares will be purchased at face value.
At around 3.12 PM, NLC India was trading 4.17% higher at ₹263.55, against the previous close of ₹253 on NSE. The counter touched an intraday high and low of ₹266, and ₹251.80, respectively.
For feedback and suggestions, write to us at [e-mail]