SBI Capital Markets, HDFC Bank among 4 book runners appointed for NLC India Renewables IPO

NLC India Renewables (NIRL), a subsidiary of NLC India, has appointed four book running lead managers — SBI Capital Markets, HDFC Bank, IIFL Capital Services, and IDBI Capital Markets & Securities — for its proposed IPO. The IPO is aimed at strengthening NIRL's capital base to support its renewable energy growth strategy and align with India's 500 GW non-fossil fuel capacity target by 2030. NIRL, incorporated in June 2023, currently has an aggregate installed capacity of 1,785 MW across solar, wind, battery energy storage, and rooftop solar assets in Tamil Nadu, Rajasthan, and Andaman.