Going forward to meet the energy needs of the country, a proper balance between the conventional thermal and renewable power generation will be required - Prasanna Kumar Motupalli, CMD, NLC India Ltd

Neyveli (Tamil Nadu): Lignite-to-power producer NLC India Ltd (NLCIL) is planning to raise funds through an initial public offering (IPO) of its wholly-owned subsidiary NLC India Renewables Ltd by the first quarter of the next financial year, company’s Chairman and Managing Director (CMD) Prasanna Kumar Motupalli said.

In an interview, the CMD said the PSU is planning to ramp up its renewable energy capacity from the current 1.4 GW to 6GW by 2030. The funds raised via the IPO will be used in its clean energy expansion plans, he said. The company also plans to arrange soft loans from foreign companies and banks for this purpose, the CMD explained.