The government has granted NLC India Ltd (NLCIL) permission to invest Rs 70 billion in its wholly owned subsidiary NLC India Renewables Ltd (NIRL). The decision was approved by the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi.

The move provides NLCIL with a special exemption from current investment guidelines that apply to Navratna Central Public Sector Enterprises (CPSEs). The exemption allows NLCIL to fund NIRL directly, or facilitate NIRL’s investment in renewable energy projects, either independently or through joint ventures, without needing further prior approval under the existing powers of delegation.