NLC India inks MoU with Indian Oil Corporation

NLC India has signed a memorandum of understanding (MoU) with Indian Oil Corporation (IOCL) for the formation of a joint venture for the establishment of renewable energy power projects in Tamil Nadu.

Under the proposed joint venture, the companies will develop large-scale solar, wind, and hybrid power projects, with or without energy storage systems such as battery energy storage and pumped storage projects, for third-party supply.

The projects will be set up across Tamil Nadu and are expected to cater to the energy requirements of commercial and industrial consumers, as well as support applications related to the production of green synthetic fuels and chemicals.

Speaking on the occasion, Shri Prasanna Kumar Motupalli, Chairman & Managing Director, NLC India Limited, stated that the partnership with IOCL marks a significant milestone in NLCIL?s strategic diversification into clean and sustainable energy sectors and emphasized the development of renewable energy projects using various technologies for solar, wind, hybrid, battery energy storage systems/pumped hydro storage, green hydrogen, and any new potential RE technology emerging in the future.

NLC India is a Navratna public sector enterprise engaged in lignite mining and power generation. The Government of India held 72.20% in the company as of March 2026. On a consolidated basis, NLC India's net profit surged 189.12% to Rs 1393.46 crore while net sales rose 31.45% to Rs 5042.46 crore in Q4 March 2026 over Q4 March 2025.

Shares of NLC India shed 0.26% to Rs 326.15 on the BSE.

Powered by Capital Market - Live News