NLC India Renewables Ltd (NIRL), a subsidiary of state-owned NLC India, appoints four investment banks as book running lead managers for its proposed initial public offering (IPO). SBI Capital Markets and HDFC Bank are named as book running lead managers, alongside IIFL Capital Services and IDBI Capital Markets & Securities. The appointments follow a board-approved, structured and competitive process. NIRL says the proposed IPO is intended to strengthen its capital base and support its long-term growth strategy in the renewable energy sector. The company also links the listing plan to India’s broader non-fossil fuel energy ambitions, including the goal of achieving 500 GW of non-fossil fuel-based energy capacity by 2030. The IPO plans also aim to facilitate the listing of NIRL equity shares on recognised stock exchanges in India, but the process remains subject to receipt of applicable statutory and regulatory approvals, prevailing market conditions, and other customary considerations. The reports do not specify an IPO size, price, or timeline.