The board of the state-owned NLC India Ltd. approved funding up to Rs 50 billion through the issuance of debentures in the current fiscal year, the company announced. The proposal for the creation of a wholly-owned subsidiary business to take over the current renewable assets also received board approval from the company. "The board of directors approved the following issuance of bonds in the nature of debentures up to Rs 50 billion in tranches during the FY 2023-24," the business stated in a regulatory statement.

NLC India, which falls under the Ministry of Coal, runs three opencast lignite mines in Tamil Nadu's Neyveli with a combined capacity of 30 million tonnes per year (MTPA), one opencast lignite mine in Rajasthan's Barsingsar with an installed capacity of 2.10 MTPA, and an open cast coal mine in Odisha's Talabira with an installed capacity of 20 MTPA. The company also produces power using thermal and renewable energy sources.