Representative picture. Photo credit: Canva
NTPC Green Energy Ltd. (NGEL), a subsidiary of the Indian state-owned utility NTPC, is reportedly planning to raise funds through an initial public offering (IPO) in the current fiscal year. The source did not disclose how much money NGEL plans to raise through the IPO. SBI Capital Markets will act as advisor to the listing of NGEL.
In March 2023, the Union Cabinet allowed NTPC to invest more than 30% of its net assets in NGEL. NTPC aims to achieve a goal of 60 gigawatts of renewable energy by 2032, and NGEL will play a critical role in achieving that goal. The union cabinet also approved NGEL’s investment in NTPC Renewable Energy Ltd. and its other joint ventures and subsidiaries, subject to a cap of 15% of its net assets above the monetary cap.
The move is in line with India’s push to increase its renewable energy capacity and reduce its dependency on fossil fuels. The Indian government has set a goal of achieving 450 gigawatts of renewable energy by 2030. The IPO will allow NGEL to raise the necessary capital to invest in renewable energy projects and help NTPC achieve its renewable energy goals.
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