NLC India emerges highest bidder for new Patrapara south coal mine in Angul, Odisha

NLC India Ltd has emerged as the highest bidder for the new Patrapara south coal mine in Odisha's Angul district. It said the coal mine block has a total geological reserve of 720.87 million tonnes with a peak-rated capacity of 12 million tonnes per annum.

This is the third commercial coal mine for NLC. Earlier, the company said its board of directors approved key initiatives to expand its renewable energy portfolio and support subsidiary operations.

The board granted in-principle approval to invest up to Rs 3,720 crore in its wholly-owned subsidiary, NLC India Renewables Ltd (NIRL). This investment, to be made in tranches, will fund various renewable energy projects in Gujarat and Rajasthan, subject to regulatory approvals.

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Additionally, NLC India will acquire renewable energy assets, valued at Rs 6,263 crore as of September 30, 2024, by subscribing to equity shares of NIRL under its Asset Monetisation Plan.

The shares will be acquired at face value. The Board also approved issuing Letters of Comfort to four subsidiaries, NIRL, NLC India Green Energy Ltd, Neyveli Uttar Pradesh Power Ltd, and NLC Tamil Nadu Power Ltd for their borrowing requirements.

These support measures will not impact NLC India directly but will be managed within its borrowing power and credit rating framework. NLC India Ltd shares were trading 4.03% higher at Rs 263.65 apiece at 2.45 pm on Friday, November 22. The stock has gained 60.42% in the past year.

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