Govt allows NTPC to invest up to ₹20,000 cr in renewable energy
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The government on Wednesday permitted state-run NTPC to invest up to ₹20,000 crore for renewable energy capacity addition to achieve 60 GW capacity by 2032.
I&B Minister Ashwini Vaishnaw shared details about the decision taken at the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi.
The CCEA has enhanced delegation of power to NTPC Ltd to invest in NTPC Green Energy Ltd (NGEL) and subsequently, NGEL investing in NTPC Renewable Energy Ltd (NREL) and its other JVs/subsidiaries up to ₹20,000 crore for Renewable Energy (RE) capacity addition to achieve 60 GW Renewable Energy Capacity by 2032.
The earlier approved prescribed limit for NTPC was ₹7,500 crore.
The enhanced delegation given to NTPC and NGEL will facilitate accelerated development of renewable projects in the country, an official release said.
The move will also play a vital role in strengthening power infrastructure and ensuring investment in providing reliable, round-the-clock electricity access across the nation, it said.
NIRL investment
The government also allowed NLC India to invest ₹7,000 crore in its wholly owned arm NIRL.
The decision was taken by the Cabinet Committee on Economic Affairs under the chairmanship of Prime Minister Narendra Modi.
"The Cabinet Committee on Economic Affairs... has approved a special exemption for NLC India Ltd (NLCIL) from the prevailing investment guidelines applicable to Navratna Central Public Sector Enterprises (CPSEs).
"This strategic decision enables NLCIL to invest ₹7,000 crore in its wholly owned subsidiary, NLC India Renewables Limited (NIRL) and in turn NIRL investing in various projects directly or through formation of Joint Ventures, without the requirement of prior approval under the existing delegation of powers," an official statement said.
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