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The Cabinet also clears an investment of Rs 7,000 crore by NLC India in renewables.
NTPC Green is the renewable energy arm of NTPC.
The Cabinet Committee on Economic Affairs, headed by Prime Minister Narendra Modi, on Wednesday approved an investment of Rs 20,000 crore by power producer NTPC in renewable energy.
The Cabinet also cleared an investment of Rs 7,000 crore by NLC India in renewables.
Shares of NTPC Green, the renewable energy arm of NTPC, were trading higher by nearly 2% at Rs 112.15 apiece, while the shares of NLC India were trading 3.65% higher at Rs 283 apiece, as of 2:45 pm.
“The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has granted enhanced delegation of power to NTPC Limited for making investment in NTPC Green Energy Limited (NGEL), and subsequently, NGEL investing in NTPC Renewable Energy Limited (NREL) and its other JVs/ subsidiaries beyond earlier approved prescribed limit of Rs 7,500 crore up to an amount of Rs 20,000 crore for Renewable Energy (RE) capacity addition to achieve 60 GW Renewable Energy Capacity by 2032,” said government in a statement.
The enhanced delegation given to NTPC and NGEL will facilitate accelerated development of renewable projects in the country. This move will also play a vital role in strengthening power infrastructure and ensuring investment in providing reliable, round-the-clock electricity access across the nation, according to the statement.
“The Cabinet Committee on Economic Affairs… has approved a special exemption for NLC India Ltd (NLCIL) from the prevailing investment guidelines applicable to Navratna Central Public Sector Enterprises (CPSEs). This strategic decision enables NLCIL to invest Rs 7,000 crore in its wholly owned subsidiary, NLC India Renewables Limited (NIRL) and in turn NIRL investing in various projects directly or through formation of Joint Ventures, without the requirement of prior approval under the existing delegation of powers,” an official statement said.
According to the statement, the country is aiming to reach 500 GW of non-fossil energy capacity by 2030. As a Central Public Sector Enterprise and the leading Power Utility of the Country, NTPC, aims to add 60 GW of Renewable Energy Capacity by 2032 which will help the Country in achieving the aforesaid target and move towards larger aim of having ‘Net Zero’ emissions by 2070, said government.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
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