NLC India Ltd

The transcript does not explicitly mention any current or future fundraising plans through debt or equity for NLC India Limited. Key relevant points include: - Formation of JV with Rajasthan government for lignite-based thermal and solar power projects (74-26 ownership), but no mention of fundraising specifics. - CAPEX discussed for FGD systems and mining expansions, indicating ongoing investments. - No direct reference to issuing equity or raising debt. - Monetization plans discussed for renewable subsidiaries to focus on asset monetization, which may indirectly relate to fund-raising but not explicitly detailed. - Expansion projects like Talabira, Ghatampur, and coal mine developments indicate capital-intensive activities, but funding sources are not specified. - No clear statement about new debt or equity issuance in the transcript. Hence, no explicit current/future new fundraising via debt or equity is stated in the document.

- FGD (Flue Gas Desulfurization) Capex varies by plant: NTPL (~Rs. 625 Cr), NNTP (~Rs. 665 Cr), NUPPL (~Rs. 979 Cr), TPS-I expansion (process ongoing). Completion aimed before Government of India timeline. - TPS-II 2nd expansion revised to 2x500 MW lignite power stations due to technology availability issues; feasibility report near completion; tender to be initiated soon. - Commercial coal mines North Dhadu and Machhakata targeted for production start within 36 months, ahead of government timelines (57 and 55 months respectively); mine plans and GRs prepared. - Talabira Thermal Power Plant: Main plant package awarded to BHEL; Unit#1 expected COD by July 2028; land possession ongoing. - Ghatampur Power Plant Unit #1 near COD by Sept 2024; Units #2 and #3 targeted for Nov 2024 and Mar 2025. - Renewable capacity addition: Target of reaching 10 GW by 2030; ongoing 2 GW solar projects in Gujarat and Rajasthan; 300 MW Barsingsar solar to be commissioned this financial year; remaining 1.7 GW targeted by mid next financial year. - Capex for mining includes commercial coal mines like North Dhadu and Machhakata. - JV formation with Rajasthan planned for 500 MW lignite-based thermal and 2 GW renewable (mainly solar) projects; JV to be formed next quarter; solar project to complete within 2 years, lignite plant in 4 years. - Separate subsidiaries NLC India Renewable Energy Ltd (1.4 GW renewable capacity transfer) and NLC India Green Energy Ltd (new capacity addition) formed to focus on asset monetization and capacity addition.

- NLC India aims to increase mining capacity to 100 million tons by 2030, more than doubling current capacity of ~44 million tons (Page 9, 8). - Coal blocks like North Dhadu and Machhakata are targeted for commercial coal sales in open markets to fetch higher revenues (Page 9). - Renewable capacity in pipeline includes around 2 GW (mainly solar) in Gujarat and Rajasthan, with 300 MW solar at Barsingsar to be commissioned in the current FY and balance by next FY Q3 (Page 7). - Thermal capacity additions planned before 2030 include 3,200 MW at Talabira, 1,000-1,500 MW at Neyveli, and 500 MW in Rajasthan JV (Page 12). - JV with Rajasthan government for 500 MW lignite-based thermal and ~2 GW renewable (solar) power projects, targeting commissioning within 2 years for solar and 4 years for lignite plant (Page 13). - Power generation and coal production in Q1 FY25 showed strong growth (~13.5% and 35% YoY respectively) indicating positive volume trends (Page 3). Overall, strong growth in mining, renewables, and thermal capacities is expected to drive future sales and revenues.

- Significant growth seen in Q1 FY 2024-25 with standalone PAT up 49.83% YoY to Rs. 495.98 Crore; consolidated PAT up 37.02% to Rs. 566.69 Crore. - Power generation increased by 13.48% YoY; lignite production rose 22.17%; coal production up 35.27% indicating strong operational momentum. - Under-recovery is reducing (Q1 FY 24-25: Rs. 139.89 Crore vs Rs. 209 Crore prior year), expected to decline further with long-term TPS-II modifications starting September. - Thermal capacity additions (~4,700 MW across Talabira, Neyveli, Rajasthan) to be completed before 2030, no new thermal plants planned beyond 2030. - Renewable solar capacity of 2 GW planned by 2030, with 300 MW addition expected in FY 24-25; long-term target to reach 10 GW total capacity by 2030. - Coal mining capacity expanding to 100 million tons by 2030, doubling mining regulated equity, improving fuel security and earnings. - Overall, strong growth in production, capacity, and sales supported by capacity expansion and mining ramp-up underpin improved future earnings and EPS trajectory.

- The company recently received an order related to Odisha plant and Odisha Talabira mine; work on impact assessment is ongoing (Page 13). - Tender for TPS-II 2nd expansion modified from 2x660 MW to 2x500 MW due to technology availability; feasibility report to be finalized soon and tender to start immediately (Page 6). - MoUs and Joint Ventures (JVs) are forming, such as with Rajasthan Government for lignite-based (500 MW) and solar power plants (2 GW), with JV formation expected within the next quarter and fast-track activities planned (Page 13-14). - Mining contracts: MDO contract for North Dhadu coal mine is underway for coal extraction within 36 months (Page 6). - Key project timelines include commissioning of Ghatampur Power Plant unit #1 expected by mid-September 2024, units #2 and #3 by Nov 2024 and Mar 2025 respectively; Talabira Power Plant unit#1 commissioning expected by July 2028 (Page 5-6). - FGD projects are ongoing at various plants with different CAPEX; tendering for TPS-I expansion FGD is in progress (Page 8).