Board of NLC India approves raising up to USD 600 mn via foreign currency loan

At meeting held on 10 June 2024

The Board of NLC India at its meeting held on 10 June 2024 has approved the following:

i. To raise foreign currency loan through External Commercial Borrowings (ECB) in any foreign currency as per business requirement to the extent of 600 Million USD through Direct route, subject to RBI guidelines.

ii. To seek external assistance from Multilateral Development Bank (MDBs) through Department of Economic Affairs (DEA) for upcoming Renewable Power Projects.

iii. To appoint M/s. D. Hanumanta Raju & Co., Practising Company Secretaries (Pear Review No. 699/2020) as a Secretarial Auditor of the Company for the Financial Year 2024-25.

iv. To issue of Corporate Guarantee or Letter of Comfort to NLC India Green Energy, Wholly Owned Subsidiary and Neyveli Uttar Pradesh Power, Material Subsidiary of the Company based on the requirement.

v. In-principle approval to invest up to Rs. 994.50 crore, in one or more tranches in NLC India Renewables, Wholly Owned Subsidiary of the Company by way of subscribing the Equity Shares at Face Value subject to the necessary approvals of DIPAM/MoC etc.

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