New Delhi: NLC India Limited has signed an addendum to its Business Transfer Agreement (BTA) with its wholly owned subsidiary NLC India Renewables Limited (NIRL) for the proposed transfer of 708.96 MW of renewable energy assets, including a 4 MW green hydrogen project.
The assets covered under the transaction are at various stages of construction and operation. The agreement was signed on September 3, 2026, and the transaction is expected to be completed within three months.
NLC India to Transfer 708.96 MW Renewable Energy Assets to NIRL
The latest development follows the Business Transfer Agreement originally entered into by NLC India and NIRL on October 31, 2025.
Under the revised arrangement, the assets proposed to be hived off include:
- 708.96 MW of renewable energy assets
- 4 MW green hydrogen project
- Assets at various stages of construction and operation
- Transfer to NLC India’s wholly owned subsidiary, NIRL
- Expected completion within three months
The transaction is part of NLC India’s broader efforts to reorganise and consolidate its renewable energy assets under NIRL.
Transfer to Be Carried Out at Book Value
NIRL will provide consideration for the proposed transaction either through cash payment or acknowledgment of debt.
Since NIRL is a wholly owned subsidiary of NLC India, the transaction falls under related party transactions. The transfer will be undertaken at book value.
The company has disclosed the transaction in accordance with applicable regulatory requirements.
Renewable Assets Generated ₹41.16 Crore Revenue in FY26
The operational renewable energy assets proposed to be transferred generated ₹41.16 crore in revenue from operations during FY 2025-26.
This represented 0.24% of NLC India’s consolidated revenue of ₹17,489.53 crore for the financial year ended March 31, 2026.
Key financial details of the proposed transfer:
- Renewable energy capacity: 708.96 MW
- Green hydrogen capacity: 4 MW
- FY26 revenue from operational assets: ₹41.16 crore
- NLC India FY26 consolidated revenue: ₹17,489.53 crore
- Revenue contribution: 0.24%
- Net worth of assets: ₹925.08 crore as of March 31, 2026
- Share of NLC India’s net worth: 4.30%
- NLC India net worth: ₹21,524.76 crore
The net worth figures are based on the company’s audited financial statements as of March 31, 2026.
NLC India Revises Earlier Renewable Asset Transfer Plan
The latest proposal follows an earlier plan to transfer renewable energy assets to NIRL.
NLC India had secured in-principle approval for the Business Transfer Agreement on August 7, 2025. Subsequently, the company entered into the BTA with NIRL on October 31, 2025, with an initial proposal to hive off 1,430 MW of renewable energy assets to the subsidiary.
The earlier plan was linked to the Asset Monetisation Plan approved by the Ministry of Coal, which is NLC India’s administrative ministry.
The company’s latest disclosure reflects a revised scope of assets proposed for transfer.
Earlier Plan Covered Seven Renewable Energy Assets
Under the earlier proposal, NIRL had planned to take over seven renewable energy assets, with the transfer initially expected during 2025.
The earlier figures disclosed by NLC India included:
- Asset value: ₹701.61 crore
- Renewable energy assets: Seven
- FY25 consolidated revenue: ₹15,282.96 crore
- Renewable assets’ revenue contribution: 4.59%
- Net worth of NLC India: ₹18,722.97 crore as of March 31, 2025
The latest arrangement now covers 708.96 MW of renewable energy assets, including the 4 MW green hydrogen project.
Transaction Expected to Close Within Three Months
NLC India and NIRL signed the addendum on September 3, 2026. According to the company, the proposed transaction is expected to be completed within three months.
The transfer will consolidate the identified renewable energy assets within NIRL, NLC India’s wholly owned renewable energy subsidiary.
NLC India Expands Focus on Renewable Energy and Green Hydrogen
The proposed transfer comes as NLC India continues to strengthen its renewable energy portfolio alongside its traditional energy operations.
The inclusion of a 4 MW green hydrogen project in the proposed transaction also highlights the company’s growing focus on emerging clean-energy technologies.
By transferring identified renewable energy assets to NIRL, the company is seeking to streamline its renewable energy business under a dedicated subsidiary while supporting its broader asset monetisation and clean-energy strategy.
About NLC India Limited
NLC India Limited (NLCIL) is a Navratna public sector enterprise under the Ministry of Coal, Government of India. The company is engaged in lignite and coal mining as well as power generation and is expanding its presence in renewable energy and other emerging clean-energy segments.
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