State-owned NLC India Limited (NLCIL) has incorporated a new wholly-owned subsidiary, NLC India Green Energy Limited (NIGEL), to undertake green projects.
Currently, projects to the tune of 2 GW of renewable energy are under implementation and will be taken up by NIGEL, including 600 MW solar power project in Gujarat and 810 MW Solar Photovoltaic Power Project in Rajasthan, NLC India said in a statement.
NLCIL has already incorporated a wholly-owned subsidiary NLC India Renewables Limited for asset monetisation. On the occasion, Prasanna Kumar Motupalli, Chairman and Managing Director, NLCIL said: "The newly-incorporated company will take care of planning, participating in upcoming RE tenders, tendering, execution and commissioning of Renewable projects".
"The subsidiary is expected to achieve 5 GW capacity by 2030 and contribute for carbon emission reduction", he added. The company’s registered office is situated at Chennai and it will commence its business operations in due course.