NLC India Renewables appoints book running lead managers for IPO

SBI Capital Markets, IIFL Capital Services, IDBI Capital Markets & Securities and HDFC Bank are the four merchant bankers appointed as BRLMs by NIRL | Photo Credit: hanibaram

NLC India Renewables (NIRL) said on Friday that it has appointed four leading investment banking institutions as the book running lead managers (BRLMs) for its proposed initial public offering (IPO).

NIRL is the green energy arm of lignite miner NLC India (NLCIL).

The proposed IPO is expected to strengthen NIRL’s capital base and support its long-term growth strategy in the renewable energy sector and to contribute to the country’s target of achieving 500 gigawatt (GW) of non-fossil fuel-based energy capacity by 2030, NIRL said.

Besides, it is intended to facilitate the listing of the equity shares of NIRL on the recognised stock exchanges in India, subject to receipt of applicable statutory and regulatory approvals, prevailing market conditions and other customary considerations, it added.

The selection process of BRLMs was carried out in accordance with the framework and evaluation methodology approved by the board and was conducted through a structured, transparent and competitive process.

SBI Capital Markets, IIFL Capital Services, IDBI Capital Markets & Securities and HDFC Bank are the four merchant bankers appointed as BRLMs by NIRL.

IPO process

The appointment of the BRLMs marks an important milestone in NIRL’s proposed listing process. The BRLMs shall advise and assist the Company in the preparation and management of the IPO, including undertaking due diligence, preparation of offer documents, coordination with regulatory authorities and intermediaries, marketing of the issue, and other activities in accordance with applicable laws and regulations.

NIRL is the dedicated renewable energy arm of NLC India and has been incorporated on June 14, 2023, not only to spearhead the existing 1,785 megawatt (MW) renewable business that not only spans Solar, Wind, BESS and RoofTop Solar, but also for future renewable energy business of the NLCIL Group.

The Company is engaged in the development, generation, ownership and operation of renewable energy projects, with a focus on supporting India’s clean energy transition and the nation’s renewable energy capacity expansion objectives.

Published on July 17, 2026