NLC India to develop 1000MW Renewable Energy project in Assam; stock climbs ~3%

10 Aug 2022 , 11:22 AM

NLC India Limited informed that it signed an MoU with Assam Power Distribution Company Limited (APDCL) and marks its footprints in the North East region.

NLCIL, under the administrative control of the Ministry of Coal, and APDCL, wholly owned by the Government of Assam, has entered into a Memorandum of Understanding to form a joint venture company with 51% equity participation by NLCIL and 49% equity participation by APDCL.

The JV aims to develop a 1000 MW of Solar Power Project in the State of Assam to equip citizens with the required energy while maintaining ecology with green energy sources.

This initiative will help in the development of Assam by creating new job opportunities, technical know-how, and overall upliftment of the state.

The MoU was signed in the auspicious presence of Honourable Ministers, by K Mohan Reddy, Director (Planning and Projects), NLCIL, and R Kumar IAS, Managing Director, APDCL.

NLCIL has a pan-India presence, with Assam in the North East region being the sixth state where it has left its mark. NLCIL spread its wings from Tamil Nadu and could mark its flight to states in all directions from South to North and East to West, including Rajasthan, Odisha, Uttar Pradesh, Jharkhand, and the Union Territory of Andaman and Nicobar Islands.

NLCIL is the first CPSE to surpass 1 GW of solar power generation capacity.

At around 11.25 AM, NLC India was trading at Rs74.25 up by 3.05% from its previous closing of Rs72.05 on the BSE. The scrip opened at Rs73.35 and touched intraday high and low of Rs75.10 and Rs71.55 respectively.