Dear Members,

It is indeed my proud privilege on behalf of our Board of Directors to present the 68th
Director's Report on the business and operations of the Company together with the Audited
Financial Statements for the year ended 31st March, 2024 and the reports of Statutory
Auditors and Comptroller and Auditor General (C&AG) of India.


Major Highlights

The Financial Year (FY) 2023-24 has been a year of good achievements for your Company
with all-round performance. The significant highlights of achievements during the
financial year 2023-24 are as follows:


Coal and Lignite Production

• All time Highest ever Coal & Lignite Production of 36.32 MT

• Highest ever Coal Production of 12.64 MT from Talabira Mine, since
inception

• Highest ever Coal Dispatch of 11.76 MT from Talabira Mine, since
inception

• All time Highest Ever Lignite Production from Barsingsar Mines of 2.10 MT

• All time Highest Ever Lignite Production from Mine-IA of 5.59 MT


Energy Generation

• All time Highest Ever generation in a year TPS-Expansion at 2,153.41 MU

• Out of 27.10 BU Power generation, green power constitutes 2.10 BU

• Highest ever power per day generation on 27.03.2024 by Andaman 20MW (BESS) plant
since inception, i.e, 0.1 MU with CUF of 20.2%


Recognitions

• NLCIL Mines has been awarded with 13 Five Star Rating Awards for the
exceptional performance of Coal and Lignite mines. Mine-II and Mine-I adjudged as No.1
Mines in the country for the years 2020-21 and 2021-22.

• NNTPS (2x500 MW), TPS-I Expansion (2x210 MW) and Barsingsar TPS (2x 125 MW)
secured top 3 positions on Plant Load Factor (PLF) among all operating Lignite based Power
Stations in India.


Financial Highlights

• CAPEX achieved during the year is 4,270 Crore i.e. 148% against the MoU
target of 2,880 Crore.

• Share price of the Company reached all time highest of 311.80 per share
on 16 th July, 2024 with Market Capitalization of 432 billion.


Expansion and new ventures

• Your Company has incorporated Two Wholly owned Subsidiary Companies Viz., NLC
India Renewables Limited (NIRL) and NLC India Green Energy Limited (NIGEL) to pursue
existing asset monetisation of RE projects and to undertake future renewable energy
projects of the Company respectively.

• Your Company won the North Dhadu (West) Coal Mine (3.0 MTPA) in Latehar
district, Jharkhand under commercial coal mining auction. This is the first commercial
coal mine won under competitive bidding.

• PPA signed between NLC India Green Energy Limited & Gujarat Urja Vikas Nigam
Limited (GUVNL) for 600 MW SPP in GSECL's Solar Park at Khavda, Gujarat.

• MoU signed with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL) for
formation of Joint Venture to setup Thermal and Solar power plants in Rajasthan

• Letter of Award issued to Bharat Heavy Electricals Limited (BHEL) for Talabira
Thermal Power Project (3x800 MW) EPC contract for a value of 


18,255 Crore.

• Government of India has approved implementation of Pachwara South Coal Block
(PSCB) Project by Neyveli Uttar Pradesh Power Limited (NUPPL), at an estimated capital
cost of 2,242.90 Crore.

• Your Company successfully completed the long pending issue of permanent
diversion of Paravanar river for advancement of Neyveli Mine II.

• Emerged as successful bidder for Machhakata Coal Mine (30 MTPA) in Angul
district of Odisha. This is the second commercial coal mine won under competitive bidding.


Operational Performance

Mining Lignite

Your Company is presently operating three opencast Lignite Mines at Neyveli in the
State of Tamil Nadu and one opencast Lignite Mine at Barsingsar in the State of Rajasthan.
The total mining capacity of all the Lignite Mines is 30.10 MTPA. 

During the FY 2023-24, the total overburden (OB) removed in the Lignite Mines was
1380.63 Lakh Cubic Metre (LM3) as against 1453.17 LM3 removed in the
year 2022-23. The Lignite Production the year under review was 236.80 Lakh Tonne (LT) as
against 235.30 LT during the year 2022-23. 

The Raw Lignite Sales (RLS) to TAQA (IPP) and direct sales in the open market during
the year 2023-24 was 15.74 LT & 6.86 LT as against 12.34 LT & 8.84 LT,
respectively achieved in the year 2022-23.


Mining Coal

Your Company is also operating open cast Coal mines in Talabira & III at Odisha,
with a mining capacity of 20.0 MTPA.

During the FY 2023-24, the total overburden (OB) removed in Coal Mines was 131.80 LM3
as against 80.08 LM3 in the year 2022-23.

The coal production achieved was 126.41 LT as against 100.26 LT during the year
2022-23, with an increase of 26.08%. 

With respect to coal production in Talabira Mines, considering the high demand of coal
especially for power generation, your Company has taken steps to achieve production of
126.41 LT as against the target of 120.00 LT. 

Your Company is also taking all out efforts to augment the Coal production from
Talabira Mine during the current year. This will not only provide fuel security to End Use
Plants but also make available coal in the market. The coal produced is being supplied to
one of the End Use Plant viz., NTPL's Plant at Tuticorin, Tamil Nadu, which is a 89:11
Joint Venture of NLC India Limited (NLCIL) & Tamil Nadu Generation and Distribution
Corporation Limited (TANGEDCO). 

Ministry of Coal (MoC), Govt. of India on 19.02.2021 has enabled the Talabira II &
III OCP Mine for sale of excess Coal directly after meeting the requirement of End Use
Plant. Further, on 02nd November, 2021, approval has also been granted by MoC for the sale
of coal upto 75% of coal production till31st March, 2026 after meeting the requirements of
End Use plants subject to certain conditions.

The Coal sales from the Talabira Coal Mines during the year under review was 117.62 LT
as compared to 98.98 LT during the year 2022-23.

The total lignite and coal mining capacity of your Company is 50.10 MTPA.

The coal production achieved was 126.41 LT as against 100.26 LT during the year
2022-23, with an increase of 26.08%.


Power

The total power generation capacity of the Company as on 31st March, 2024, including
renewables is 5,071.06 MW and for NLCIL Group is 6,071.06 MW (including the capacity of
NTPL, the Subsidiary Company).

During the FY 2023-24, the total Power Generation (Gross) was 21,643.87 Million Units
(MU) as against 24,152.81 MU, during the FY 2022-23. The Power Export during the year
2023-24 was 18,890.09 MU as against 21,281.99 MU in the year 2022-23. Out of the above,
the Power Generation through Renewable Energy constitutes for 2,100.10 MU during the year
as against 2,194.55 MU during the FY 2022-23.

The Power Surrender during the FY 2023-24 was 612.08 MU as against 622.28 MU during the
FY 2022-23 out of which revenue earned from URS sales is 21.32 Crore (Sale of 68 MU) as
against 94.64 Crore (Sale of 220.70 MU) during the FY 2022-23. The total power
generation of the NLCIL group including NTPL was 27,106.21 MU as against 30,082.80 MU
during the FY 2022-23. 


Productivity

The output per man-shift achieved during the year 2023-24 are given below:


  

    
Product
    
Unit
    
2023-24
  
  

    
Lignite
    
Tonne
    
17.33
  
  

    
Power
    
KwHr
    
36,478
  



Financial Performance

During the year 2023-24, your Company on a Standalone basis had registered a revenue
from operations of 10,518.64 Crore as against 12,955.00 Crore during the year 2022-23. The
Profit Before Tax (PBT) and Profit After Tax (PAT) for the year 2023-24 were 2,787. Crore
and 1,846.58 Crore respectively, as against 1,724.15 Crore and 1,248.24 Crore respectively
during the previous year 2022-23 On a consolidated basis, the total revenue from
operations for the year 2023-24 was 12,999.03 Crore as against 16,165.24 Crore in 2022-23.

The consolidated PBT and PAT for the year 2023-24 were 2,881.64 Crore and 1,867.57
Crore respectively as against 2,055.79 Crore and 1,426.10 Crore respectively in the year
2022-23.

The details of profit earned for the financial year 2023-24 and appropriation of the
same are as follows:

( Crore)


  

    

    
Standalone
    
Consolidated
  
  

    
Particulars
    
2023-24
    
2022-23
    
2023-24
    
2022-23
  
  

    
Revenue from operations
    
10,518.64
    
12,955.00
    
12,999.03
    
16,165.24
  
  

    
Profit Before Tax
    
2,787.89
    
1,724.15
    
2,881.64
    
2,055.79
  
  

    
Tax Provision
    
941.31
    
475.91
    
1,014.32
    
630.66
  
  

    
Profit/(Loss) for the Period (PAT)
    
1,846.58
    
1,248.24
    
1,867.57
    
1,426.10
  
  

    
Appropriation
    

    

    

    

  
  

    
Transfer (to)/ from Interest Differential Fund Reserve
    
(1.98)
    
(4.33)
    
(1.98)
    
(4.33)
  
  

    
Transfer (to)/ from PRMA Reserve Fund
    
3.58
    
(14.29)
    
3.58
    
(14.29)
  
  

    
Transfer to Contingency Reserve
    
(10.00)
    
(10.00)
    
(10.00)
    
(10.00)
  
  

    
Dividend (Interim / Final )
    
(485.33)
    
(416.00)
    
(485.33)
    
(416.00)
  



Shareholding of Government of India (GoI)

The shareholding of the President of India as on 31.03.2024 in the Company is 72.20%.
During the Financial year 2023-24, the promoter of the Company, The President of India,
acting through Ministry of Coal, Government of India had offered for sale of upto
97,064,562 equity shares which is 7.00% of the total paid up equity shares of NLC India
Limited, through OFS - Stock Exchange mechanism. Further, 43,713 shares representing
0.00436% of the paid-up equity share capital of the Company were also offered to the
employees of the Company under OFS. Out of that 100 shares were accepted and allotted
through the Employee OFS.

The number of shares and percentage of shares held by the Promoter before and after the
disinvestment done through Offer for Sale were 109,82,21,224 equity shares (79.20% of the
paid-up equity share capital) and 100,11,56,662 equity shares (72.20% of the paid up
equity share capital) of the Company. 


Dividend

For the year 2023-24, the Board of Directors of your Company had paid an Interim
Dividend of 15% of paid up share capital ( 1.50 Per equity share). Further, your Board has
also recommended a final dividend of 15% of paid up share capital ( 1.50 per equity share)
subject to the approval of the shareholders. The total dividend for the year 2023-24
including Interim Dividend already paid is 30% of paid up share capital and the same works
out 416.00 Crore.


Transfer to Reserve

There is no amount proposed to be transferred to any specific Reserves.


MOU Parameters

During the year 2023-24, 1951 vendors had sought permission to get registered in TReDS
Portal compared to only 36 vendors during the previous year 2022-23 and your Company had
accepted all the 1951 requests and all got registered in TReDS portal. So far, 1987
vendors have been registered in the TReDS portal. At the same time, your Company is also
registered in TReDS portal to undertake the transactions facilitating 100% acceptance of
invoices uploaded by the registered vendors through the portal.


PROJECTS UNDER IMPLEMENTATION

The details of projects under implementation are as under:


150 MW Hybrid (Solar+Wind) RE Power Project (SECI)

Your Company had participated in the Wind & Solar Hybrid RfS floated by SECI and
emerged as a successful bidder for 150 MW with a quoted tariff of 2.34/Unit. LOA has been
received from SECI to this effect and PPA has been signed. 

For 50 MW Wind, LOA has been issued to INOX on 1st February, 2024 and land lease
agreement has been signed. For 100 MW Solar, LOA has been issued to Enerture Technologies
Private Limited on 26th February, 2024. Further activities are under progress.


510 MW Solar Power Project under CPSU scheme 

Your Company has emerged as a successful bidder in IREDA CPSU scheme tender for setting
up 510 MW Solar power project. Project is being executed in 3 phases of 300 MW in
Rajasthan, 200 MW in Gujarat and 10 MW in Neyveli for Smart City. 

Your Company has issued LoA to Tata Power Solar Systems Ltd. (TPSSL) for 300 MW Solar
Power Project at Barsingsar and erection, piling & fencing works are under progress.
PPA signed with RUVNL for 300 MW. For remaining 200 MW, Consent received from Telangana
State on 30th June, 2023 and award has been placed on 16th October, 2023 on successful
bidder KOSOL Energie Private Limited.

Ground Mounted Solar Power Project (10 MW) at Neyveli was commissioned on 30th October,
2023 at a capital cost of 42.94 Crore.


GSECL - Solar Park, Gujarat (600 MW)

GUVNL floated tender for installation of 800 MW Solar power with Greenshoe option at
Gujarat State Electricity Corporation (GSECL) Solar Park, Khavda, Gujarat. Your Company
has won 300 MW on 01st July, 2023 and further, your Company accepted offer additional 300
MW under Greenshoe option. Letter of Award was received on 03rd August, 2023, procurement
of BoS, Modules and other activities are under progress.


50 MW Solar at Mined out Area

For installation of 50 MW Solar power projects in Reclaimed area of Mine-II, Neyveli,
LoA has been issued for module procurement & BoS package. Geo-technical investigation
commenced & Infrastructure development work at site are under progress.


810 MW Solar in Rajasthan Area

Your Company has won 810 MW of Grid Connected Solar Power project under competitive
bidding in the tender floated by RRVUNL for development in Pugal Solar Park, Bikaner,
Rajasthan. Letter of Intent (LoI) was received from RRVUNL on 3rd October, 2023. Pre
tendering activities are under progress.


NLC Talabira Thermal Power Project (3 X 800 MW)-Phase-I

NLC Talabira Thermal Power Project (NTTPP), a coal based thermal power project of
capacity 2400 MW with three units of 800 MW capacity each, is proposed to be set up at
Jharsuguda & Sambalpur District in the State of Odisha, linked to the allocated
captive mine Talabira II & III OCP at a total estimated project cost of 27,212.96
Crore. 

The proposed plant will be of state of the art Ultra Super-critical technology,
compliant with latest emission norms. All statutory approvals for setting up the project
including the Environmental Clearance have already been obtained. Power Purchase Agreement
for the off-take of 2,400MW power from this project has already been signed with TANGEDCO
(for 1,500MW), Puducherry DISCOM (for 100MW), KSEB Kerala (for 400MW) and GRIDCO Odisha
(for 400MW). 

The EPC contract has been awarded to BHEL on 12th January, 2024. BHEL started
topography survey and soil investigation in Project LtdArea. The first Unit of the project
is scheduled to be commissioned in 52 months from the date of issue of Notice To Proceed
(NTP) and the other units with a gap of 6 months each. The land acquisition (LoA) for the
project is in progress. 


Thermal Power Station II 2 nd Expansion

Thermal Power Station II 2 nd Expansion (TPS II SE) is a lignite based thermal power
plant of capacity 1,320 MW with two units of 660 MW capacity each, proposed to be set up
at Mudanai village (near Neyveli), Cuddalore District, Tamil Nadu which is linked to
Lignite Mines of Neyveli. All necessary approvals for setting up the including the
Environmental Clearance have already been obtained. TANGEDCO has expressed their
willingness to procure the entire 1320 MW from this proposed project. However, Ministry of
Power (MoP) has allocated 1,081.69 MW to TANGEDCO and 40.31 MW to Puducherry Electricity
Department. Land for the project is already in possession of your Company. Consent to
Establish is also available. EPC Tender has been floated on 01st October, 2022. 

Meanwhile, there is no bid submission by the bidders due to issues in technology
associate tie up for 660 MW supercritical fired unit configuration. Hence, Initiatives for
FR progress for two units of 500 MW as per the directives of MoP.


Overburden (OB) to M-Sand

Your Company's in-house research centre, CARD had earlier undertaken a research project
jointly with IIT/Madras for conversion of OB materials into aggregates and that the
preliminary study indicated that OB materials contain 40% to 70% sand & considerable
quantity of clay. Board of Directors of your Company has approved setting up of M-Sand
Beneficiation Plants at in each Mine under Build Own & Operate (BOO) Model.

Considering the potential of aggregates (M-Sand) as mentioned above and its growing
demand, one 0.42 MTPA Capacity plant was commissioned in Mine IA and trial run was taken
on 01st April, 2024. Govt. of Tamil Nadu accorded approval for the product quality on 31st
July, 2024. Permission from Govt. of Tamil Nadu for use of overburden is awaited. 

Further, order has been issued for setting up of M-Sand Plant of MTPA capacity in
Mine-I on 12th June, 2024. Commercial operation from this plant is expected from June
2025.


Lignite to Methanol

As a diversification initiative, your Company has taken to set up the Lignite to
Methanol (LTM) Project utilizing the lignite from Neyveli Mines with a plant capacity of
1,200 Tonnes per Day (TPD) on Lump Sum Turnkey (LSTK) mode, at an estimated cost of 4,395
Crore. 

Engineers India Limited (EIL) has been appointed as the Project Management Consultant
for this Project. NLCIL has entered into engineering service agreement with licensor Air
Products. GTE has been floated for LEPC-1 (Gasification Block) and for (Methanol Synthesis
Block). Tender for LEPC-1 was cancelled on 1st April, 2024 due to significantly higher
quote and retendering is under process. Bid for LEPC-2 was opened on 31st May, 2024 and
techno-commercial evaluation is under progress.


Mine-III (11.5 MTPA)

The project with a capacity of 11.50 MTPA encompassing a project area of 3,893 Ha is
proposed to be commissioned to fuel the requirement of TPS II 2nd Expansion at an
estimated cost of 3,755.71 Crore. The block has a mineable reserve of 415 MT. The process
of obtaining all necessary approvals for commencement of mining project is in progress.
The project is expected to commence its operations by the year 2027. MoC has accorded In
principal approval for the mining plan and Mine Closure Plan (Modification) of Mine-III on
23rd July, 2024. Administrative approval from GoTN for Land Acquisition is in process.


Commercial Mining

North Dhadu (Western Part) Coal mine (3.0 MTPA)

Your Company won the bid for North Dhadu (Western Part) Coal Mine in Latehar District
of Jharkhand @ 6% revenue sharing. The coal mine forms part of the North Karanpura coal
field and it is having an area of 5.33 sq. km. It is fully explored having a geological
reserve of 435 MT of G12 grade of coal. is in Tentative capacity of the coal mine is 3.0
MTPA. Vesting Order issued on 14th December, 2023. MoC issued notification u/s
CBA(A&D), 1957 on 29th May, 2024. Further activities of obtaining Statutory approvals,
Preparation of Mine Plan & Mine Closure Plan, obtaining Environment Clearance are
under progress. The coal will be sold on commercial basis.


Machhakata (Revised) Coal Mine (30.0 MTPA)

Neyveli

Your Company has participated and emerged as successful bidder for Machhakata (Revised)
Coal Mine in Angul district of Odisha on 04th July, 2024. The mine has a potential
normative production capacity of 30.0 MTPA. Your company signed CMDPA with MoC on 15th
July, 2024. Geological Report & Mine Plan preparation works are under progress.


Consultancy Services for selection of MDO

Your Company has been awarded a work order for providing consultancy services to Uttar
Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) for selection of MDO, supervision
& monitoring of exploration and other site activities for its Saharpur Coal Block in
Jharkhand. NLCIL floated tender for selection of on 14th September, 2023 & bid was
opened on 22nd April, 2024. As no bidders participated, the tender was cancelled and the
same was intimated to UPRVUNL. Based on the request received from UPRVUNL, your Company
suggested way forward and further activities are under progress in this regard.


Projects under formulation

The details of projects under formulation are as under:


Green Energy

Considering the thrust being given by the Government of India (GoI) for development of
500 GW of Renewable Energy (RE) capacity by 2030, your Company is exploring RE business as
its next pillar of growth. Your Company has prepared its business plans to tap this
opportunity appropriately while continuing work on operating its thermal fleet
efficiently, economically and reliably to meet growing energy needs of the country.


Corporate Plan 2030

Mining Projects

Your Company is presently operating three opencast lignite Mines at Neyveli in the
State of Tamil Nadu and one opencast lignite Mine at Barsingsar in the State of Rajasthan.
The total mining capacity of all the lignite Mines is 30.10 MTPA. 

In lignite mining, your Company proposes to operate Mine-III (11.5 MTPA) in Neyveli,
Tamil Nadu with TPS-II Second Expansion as linked end use plant and Bithnok Lignite Mine
(2.25 MTPA) in Bikaner district of Rajasthan, thereby envisaging an aggregate lignite
mining capacity of 41.35 MTPA by FY 2029-30.

Your Company has also started Coal mining operations in Talabira II & III Opencast
Coal Mines at Odisha, with a mining capacity of 20.0 MTPA, from 26th April, 2020. 

In the Coal Sector, through NUPPL, its subsidiary, your Company is developing the
Pachwara South Coal block in the state of Jharkhand, with a capacity of 9.0 MTPA with
Ghatampur Thermal Power Plant (3 x 660 MW) as end use plant. Your Company has entered into
commercial mining of coal through successful bids for North Dhadu (Western Part) Coal mine
in Latehar District of Jharkhand with the tentative capacity of 3 MTPA and Machhkata
(Revised) Coal Mine (30.0 MTPA) in Angul district of Odisha. Thereby envisaging an
aggregate coal mining capacity of 62.0 MTPA including Talabira II & III OCP (20.0
MTPA). The Mining Capacity would reach 104.35 MTPA by FY 2029-30.

With the recent developments in Renewable energy sector and the strategic importance of
the critical minerals required for RE, your Company is in the process of participating in
upcoming and envisions achieving a critical mineral mining capacity of 1.0 MTPA by FY
2029-30.

Total CAPEX projected for FY 2025-30 for the mining projects is estimated above 15,226
Crore.


Power Generation Projects the Your Company is currently operating five lignite
based thermal stations, four at Neyveli, in Tamil Nadu and one at Barsingsar, in
Rajasthan, with an aggregate capacity of 3,640 MW. Your Company through NTPL, the
Subsidiary, is operating one coal based thermal power plant of 1,000 MW (2 X 500 MW)
capacity at Tuticorin, Tamil Nadu. On implementation of two Coal based Thermal Power
Projects viz GTPP (NUPPL) of capacity 1,980 MW (3X660 MW), Talabira Thermal Power Project
(Phase I & II) of capacity 3,200 MW (4 X 800 MW) and lignite based Thermal Power
Project TPS II 2nd Expansion of capacity 1,000 MW (2X500 MW), the power generation
capacity would reach 10,020 MW. The Projected CAPEX for FY 2025-30 for the Thermal
Projects is estimated to the tuneof 53,487 Crore.

On the Renewable front, by the year 2030, your Company plans to increase its capacity
from 1,431 MW to 10,110 MW by implementing various Solar & Wind Projects. At present
2,110 MW of RE projects are under implementation. The Projected CAPEX for FY 2025-30 for
Renewable Energy is 44,918 Crore. The Total Installed Power Capacity would reach 20,130
MW.


Diversification Projects

Your Company has adopted the diversification strategy and has ventured into
implementation of OB to M-Sand, Lignite to Methanol, Battery storage & Green Hydrogen.
Further, EV Charging stations, Lignite to diesel, IGCC Technology projects are being taken
up on Pilot Scale under Clean Energy. MoU signed with WAPCOS, for the purpose of carrying
out collaborative technical services and advisories for development of various schemes of
Pumped storage, Reservoirs/Storage, Run of River Hydro-Power Projects in India.
Feasibility report of some of these projects are under preparation. The Projected CAPEX
for FY 2025-30 for Diversification projects 11,223 Crore.

The total capital expenditure for mining, power generation and diversification
businesses has been estimated to cross 1.25 Lakh Crore by the year 2030.


SUBSIDIARIES /JOINT VENTURES:

NLC Tamil Nadu Power Limited (NTPL) 

A Joint Venture between NLCIL and TANGEDCO Tuticorin Power Plant (1000 MW) in Tamil
Nadu

As Members may be aware that NTPL, the Subsidiary Company is operating a 1,000 MW coal
based thermal power plant in Tuticorin in the State of Tamil Nadu. During the year
2023-24, the total Power Generation (Gross) of NTPL was 5,462.34 MU (excluding power
surrender) as against 5,929.99 MU registered in the year 2022-23.

During the year ended 31st March, 2024, NTPL registered a revenue from operations of
2,739.05 Crore as against 3,502.78 Crore registered in the year 2022-23. The Profit Before
Tax & Profit Tax for the year 2023-24 were 201.16 Crore and 129.16 Crore respectively
as against 433.08 Crore and 278.65 Crore registered in the year 2022-23. Interim Dividend
of 0.30 (3%) per equity share was declared by NTPL Board for the FY 2023-24 and the same
was paid on 20th February, 2024.


Neyveli Uttar Pradesh Power Limited (NUPPL) A Joint Venture between NLCIL & UPRVUNL
Ghatampur Thermal Power Project (GTPP) (1,980 MW) linked to Pachwara South Coal Block (9.0
MTPA) in Jharkhand

NUPPL, the Subsidiary Company is implementing the 3 x 660 MW Ghatampur Coal based
Thermal Power Project (GTPP) at Ghatampur Tehsil, Kanpur Nagar District in the State of
Uttar Pradesh at a project cost of 19,406.12 Crore (RCE I). The project is expected to be
commissioned during FY 2024-25. 

This project is being monitored by MoC and at the apex level by the Office of Prime
Minister and is considered as the signature project The Board of NUPPL is taking all
necessary steps to expedite the implementation of the Project.

NUPPL has signed a Power Purchase Agreement (PPA) with Uttar Pradesh Power Corporation
Limited (UPPCL) for supplying 75% of the Power from the plant. In line with the revised
power allocation by Ministry of Power, GoI, PPA for 492.72 MW power (24.88%) has been
signed with APDCL on 13th June, 2023.

The coal supply for the GTPP is linked to Pachwara South Coal Block (PSCB) which is in
advance stage of obtaining necessary clearances/approvals for commencement of mining
operations. Based on the Company's request, CEA had recommended Coal India Limited (CIL)
to supply 0.99 MT (0.33 MT for each unit) coal to GTPP to facilitate commissioning
activities, trial run & achieving COD. Standing Linkage Committee (Long-Term) on 07 th
March, 2024, recommended bridge linkage of 4.903 MT operational coal for FY 2024-25 from
Coal India Limited. 

The thermal project has achieved a CAPEX of 1,909.49 Crore in the year 2023-24. The
cumulative capital expenditure incurred since inception up to 31st March, 2024 for the
thermal project is 16,781.32 Crore.


Pachwara South Coal Block (9.0 MTPA) in Jharkhand

NUPPL has been allotted Pachwara South Coal Block (PSCB), in the State of Jharkhand,
with a normative capacity of 9.0 MTPA at an estimated cost of 2,242.90 Crore. The Mining
plan & Mine Closure plan of PSCB has been approved by MoC. Public Investment Promotion
Board (PIB) Committee Recommended for implementation PSCB project at Capital Cost of
2242.90 on 04.10.2023. The same was approved by Cabinet Committee on Economic Affairs
(CCEA) on 24.04.2024. Environmental Clearances, Forest Clearances, Land Acquisition for
coal evacuation route of PSCB and development of Rail Infrastructure for Coal Evacuation
is under progress. The cumulative capital expenditure incurred up to 31st March, 2024 is
154.28 Crore.


Coal Lignite Urja Vikas Private Limited (CLUVPL) A Joint Venture Company between NLCIL
& CIL

Your Company had entered into a Joint Venture Agreement with Coal India Limited (CIL)
to implement conventional and non-conventional power projects by forming a JV
Company with an equity participation of 50% each. The JV Company "Coal Lignite Urja
Vikas Private Ltd" was incorporated on 10th November, 2020.

The JV Company has received Project Management consultancy order from SECL on 12th
July, 2021 for developing 40 MW Solar Power Project at Bishrampur and Bhatgaon locations
of SECL, Chhattisgarh State and activities are in progress. 


MNH Shakti Limited-A Joint Venture Company

Mahanadi Coalfields Limited, your Company and Hindalco jointly formed MNH Shakti
Limited with an equity participation of to implement 20.0 MTPA Coal Mining Project in
Talabira, in the State of Odisha. The Talabira II & III Coal Blocks allocated for this
. purpose have been cancelled pursuant to the judgement of Hon'ble Supreme Court of India
and the Coal Mines (Special Provisions) Ordinance, 2014. The JV Company has been proposed
for winding up and necessary formalities are underway.


NLC India Renewables Limited Wholly Owned Subsidiary

Your Company has incorporated NLC India Renewables Limited (NIRL), as its wholly owned
subsidiary on 14th June, 2023 to take over the existing renewable assets of your Company.

In this regard, your Company plans to consolidate almost all its Renewable Assets under
its Asset Monetization plan and after receiving the requisite approvals from the
Government and other statutory bodies your Company will process the transferring of RE
assets to the NIRL for pursuing monetisation. 


NLC India Green Energy Limited

Wholly Owned Subsidiary

Your Company has incorporated NLC India Green Energy Limited (NIGEL), as its wholly
owned subsidiary on 13th October, 2023 to carry out future Renewable Energy Projects of
your Company. The subsidiary will focus specifically on upcoming Renewable Energy
projects. 

The subsidiary is expected to establish RE projects to the capacity of 6 GW by 2030. As
an initial step, the following projects secured through various competitive bidding are
proposed to be through NIGEL:

• NIGEL has signed Power Purchase Agreement with Gujarat Urja Vikas Nigam Limited
(GUVNL) on 05th March, 2023 for supply of 600 MW Solar Power for the span of 25 years.

• 810 MW Solar Power Project is going to be developed by NIGEL. Project is
envisaged to be developed at RVUNL Solar Park, Pugal, Bikaner (Dist.) Rajasthan. Power
offtake is fixed with the span of 25 years.


Loan, Guarantees and Investments

Details of loans and investments covered under the provisions of Section 186 of the
Companies Act, 2013 forms part of the Financial Statements.


Deposits

The Company has not accepted any deposits from the public during the year.


Bonds, Borrowing & Credit Rating

During the financial year 2023-24, your Company has not issued any Bonds.


Commercial Paper

During the financial year 2023-24, due to better fund sales bill discounting and
increase in realisation has improved liquidity position of the Company and hence, Company
has not issued any commercial paper.


Sales Bill Discounting

During the financial year 2023-24, your Company has explored the Sales Bills
Discounting facility available in the Banking System with recourse to your Company and
discounted the power bills issued to DISCOMs. The total value of sales bills discounted
during the year under review was 4,912.99 Crore. During the year under review, there were
no instances of bankers recourse.


Credit Rating for Borrowings

During the year, your Company has retained AAA rating for Long Term Borrowings
including issue of Bonds and A1+ for issue of Commercial Papers from Credit Rating
Agencies. The present Ratings are given below:


  

    
Sl No.
    
Rating Agency / Particulars
    
Rating Assigned
  
  

    
1
    
ICRA
    

  
  

    

    
Non-Convertible Debentures - Secured - 2,000 Crore
    
[ICRA] AAA (Stable)
  
  

    
2
    
CRISIL
    

  
  

    

    
Working Capital Loan (State Bank of India)- 5,000 Crore
    
CRISIL AAA/ Stable
  
  

    

    
Non-Convertible Debentures (Issued amount- 2,175) -Unsecured - 3,000 Crore
    
CRISIL AAA/ Stable
  
  

    

    
NNTPS Loan (SIB 581 Crore and Proposed 1,078 Crore) - 1,659 Crore
    
CRISIL AAA/ Stable
  
  

    
3
    
CARE Ratings
    

  
  

    

    
Solar 500 MW (Axis Bank and Federal Bank - 371.69 Crore
    
CARE AAA; Stable
  
  

    

    
NNTPS 1000 MW (Power Finance Corporation) - 1,950 Crore
    
CARE AAA; Stable
  
  

    

    
Commercial Paper - 6,000 Crore
    
CARE A1+
  
  

    
4
    
India Rating (Fitch Group)
    

  
  

    

    
Solar 709 MW (State Bank of India) - 1,658 Crore
    
IND AAA/ Stable
  
  

    

    
Non-Convertible Debentures Secured - 2,000 Crore
    
IND AAA/ Stable
  
  

    

    
Non-Convertible Debentures Unsecured - 2,175 Crore
    
IND AAA/ Stable
  
  

    

    
Commercial Paper - 6,000 Crore
    
IND A1+
  
  

    

    
Sales Bill Discounting - 6,000 Crore
    
IND A1+
  
  

    
5
    
Infomerics Ratings
    

  
  

    

    
Talabira Mine (State Bank of India) - 1,260.44 Crore
    
IVR AAA/ Stable
  
  

    
6
    
Acuite Ratings & Research
    

  
  

    

    
Solar 300 MW (IndusInd Bank) - 1,000 Crore
    
ACUITE AAA/ Stable
  



Commercial

Power Dues Realisation:

• During the year under review, your Company had received an amount of 9,754 Crore
out of the total billed value of 9,818 Crore for the FY 2023-24 working out to a
collection efficiency rate of 99% apart from settlement of old dues instalment scheme.

• The outstanding power dues including for the month of March 2024 invoices as on
31st March, 2024 was 4,632 Crore as against 4,794 Crore for the corresponding period of
the year ended 31st March, 2023. The dues beyond the 45 days limit as on 31st March, 2024
was 3,174 Crore as against 3,544 Crore for the corresponding period of the previous year
ended 31st March, 2023.

• Scheduling of power is being done in compliance with the MoP directives on LC -
Payment priority mechanism.


Power Trading in Power Exchange

• During the year 2023-24, 68 MUs of Un-Requisitioned Surplus (URS) power was sold
from your Company's thermal power stations in different market segments of Power Exchange
to a gross revenue addition of 21.32 Crore. As per the CERC IEGC Regulation & MoP
Electricity (Late Payment Surcharge and Related Matters) Rules, 2022, gains earned from
sale of such URS power is being shared with the beneficiaries.

• Whenever opportunity comes, your Company is continuously trading the surrendered
power from its thermal stations in DAM & RTM market segment of Indian Energy Exchange
(IEX) based on availability of surplus lignite & technical capabilities of thermal
stations. During the year, the final power for all power stations was 491.79 MU as against
621.90 MU in the year 2022-23. 

• Your Company has also traded 174.25 MU of power in FY 2023-24 as against 138.65
MU in the year 2022-23 under Trading License which includes sale & purchase of power
for various grid connected entities through Power Exchange.


Regulatory affairs

• During the year 2023-24, CERC has issued Provisional tariff order for Neyveli
Mines, Tariff orders for BTPS, Barsingsar Mines & Andaman Solar power project
(2019-24), Trued-up order for BTPS, Review Petition for Barsingsar Mines for the year
2014-

• Your Company has filed Review of Order in Truing up of BTPS for the year 2014-19
and Compensation for deemed generation Andaman Solar Power Project.

• Your Company has filed two Interlocutory Applications CERC on Lignite Transfer
Price on the similar issue of O & M expenditure in Mines based on the APTEL Judgement
for the period 2009-14 and 2014-19 and CERC has issued Orders on 14th March, 2024 and 19th
May, 2024 respectively.


CERC Regulations

• Central Electricity Regulatory Commission issued (Terms and Conditions of
Tariff) Regulations, 2024 on15 th March, 2024, which are applicable for the period 01st
April, 2024 to 31st March, 2029. The tariff of electricity generated from your Company's
stations and the Input Price of Coal and Lignite excavated from NLCIL Mines would be
determined by CERC based on these Regulations for the above-mentioned period.

• Central Electricity Regulatory Commission (Indian Electricity Grid Code)
Regulations, 2023 has been issued on 11th July, 2023. The operations and scheduling of
thermal stations are being carried out based on these regulations.


Interaction with Stakeholders

During the year, your Company has taken various measures including conducting of
Investors conferences, Roadshows domestically and internationally, Periodical Investor
Calls, Customers and Vendors Meet and regularly updating the Company's developments and
Plans through Press, Business News Channels & Social Media interactions, which has
resulted in strengthening the confidence of Stakeholders.


Sustainability Development Measures

Your Company has been diligently aligning its operations with the Ministry of Coal's
Sustainable Development Cell (SDC) directives, demonstrating a strong commitment to
environmental sustainability. Your Company has made significant progress in
bio-reclamation, exceeding its FY 2023-24 target of 194 hectares by reclaiming 202.76
hectares of land and initiating efforts FY 2024-25. Your Company is also focused on
notifying its non-forest afforested lands under accredited compensatory afforestation,
with 397.62 hectares identified for certification for Neyveli Mission life activities are
a key focus, with mass tree plantation drives conducted during significant environmental
events, such as World Earth Day and World Environment Day. 

Your Company has also partnered with expert institutions for ecological studies of
reclaimed areas, avian diversity, the development of a deer park management plan, bio-mass
growth and research on suitable tree species for mine spoils. Additionally, a detailed
study on mine-water potential for community use has been completed, highlighting Your
Company's contributions to water resource management. Based on the study, Secretary, MoC
has informed the Chief Secretary, Govt. of Tamil Nadu regarding the active contribution of
Your Company towards water resource management and sustainability in the region along with
community betterment. . Your Company is repurposing mined-out lands for renewable energy
projects, with plans to install a 50 MW solar PV system on 85 hectares of de-coaled land.


Environment Compliance Measures

Your Company practices and promotes the best Environment Management Plan (EMP) since
its inception and is committed to environment friendly mining and power generation. The
environment policy of your Company is in line with the Vision and Mission Statement.

Your Company has constituted Environmental Monitoring System through Environment Cell
constituted at Unit level and at Corporate Level to monitor & adhere to the
Environmental compliances of Environmental Clearance (EC) and Forest Clearance (FC)
conditions.

In this connection your Company is also sending the monthly compliance status of EC/FC
conditions to the concerned authorities as per the guidelines.

Your Company continued to undertake mass tree plantations during the year for the
benefits of slope stabilisation of the Overburden dumps in order to convert the Mine spoil
into cultivable soil making it fit for habitation. The Company started investing Eco-care
since its inception leading to a development of a lush habitat which has been converted
into Eco-parks & Eco tourism locations. The greenbelt developed also acts as barrier
to arrest the air pollution and prevents soil erosion besides Sequestration in the
atmosphere. 

The units have installed dust suppression mechanisms such as water sprinklers, spray
guns, fog cannons etc. to control the fugitive dust. The Ambient Air Quality (AAQ) is
being monitored regularly in the surrounding villages and is well within the prescribed
norms.

Consequent to the Amendments of Environment (Protection) Act, 1986, the norms for water
consumption and emissions from Power Plants [Particulate Matter (PM 2.5 & PM10),
Sulphur (SO2), Oxides of Nitrogen (NOx) & Mercury (Hg)] have been made stringent for
the existing as well as new Thermal Power Plants. In this regard, installation of Flue Gas
De-sulphurisation (FGD) is in progress


Awards & Recognition:

As a result of continued environmental management measures undertaken, your Company has
received many awards for maintaining better environmental management practices. In
recognition of its various activities, your Company, has been conferred with the awards
during the year 2023-24:


Insurance

During the year, your Company had taken Mega Insurance Policy for the Assets and Stocks
of Production Units viz. Mines, Thermals & Renewable Energy (RE). It broadly covers,
Material damage (MD) of all Mine assets and Material damage (MD), Machinery Breakdown
(MBD), Fire Loss of Profit (FLOP) & Machinery Loss of Profit (MLOP) of all Thermal
& RE assets. Assets of Service units are covered under Standard Fire and Special Peril
Policy (SFSP) which also cover Electronic Equipment Insurance (EEI), Transit Insurance,
Public Liability Industrial Risk Insurance.


Land Acquisition and Rehabilitation & Re-settlement

Land Acquisition and R&R Policy

Your Company takes care of the Project Affected Persons (PAPs) through appropriate R
& R Policy measures and the trauma of displacement is thereby minimised. Your Company
follows the guidelines issued by the Government of India, from time to on R&R for the
on-going projects. Apart from development of Re-settlement Centres (RCs) in the Project
vicinity, these centres are being provided with good infrastructure facilities. As a
result, the eligible project affected families have smoothly re-settled in RCs. Apart from
the rehabilitation measures, legal compensation with enhanced compensation for loss of
assets as directed by the appropriate Government have been provided with the co-operation
of the District administration. Peripheral developmental works viz., formation and
improvement of existing village roads, skill development programmes for PAPs have been
carried out during the year. 

A Grievance redressal centre for addressing the grievances of the project affected
persons has also been formed and functioning Your Company is providing enhanced land
compensation to the awardees based on the period of passing of award through payment of
ex-gratia and also through Lok Adalats conducted on regular basis based on the
applications received from the land owners who have handed over their lands and houses for
the projects.

Your Company is providing one year PG courses for the PAPs having Engineering and
Diploma qualifications through National Training Institute (NPTI). 259 PAPs as SME
operator assistant trainees and Mines Support service trainees were selected under three
years training scheme. It is also proposed to provide training to PAPs in coordination
with leading coaching institute for appearing in competitive exams like TNPSC/SSC/UPSC
etc. and other advanced technical trainings.

Your Company is providing enhanced R&R and Land Compensation based on the
Provisions for compensation and R&R as per Schedule-I, II & III of "Right to
Fair Compensation and Transparency in Land Acquisition Rehabilitation and Resettlement Act
(RFCTLARR) with effect from 01st January, 2014. 

Your Company has successfully carried out diversion of Paravanar river including taking
possession of more than 500 Ha of acquired land in Neyveli mines which is pending more
than a decade resulted in sustainable operations of mines for the balance life. 

Your Company is also taking all out efforts with State and District Administration for
acquiring critical land required for future mining operations of Neyveli Mines.


Research and Development (R&D)

Centre for Applied Research & Development (CARD) is the in-house R&D Centre of
the Company and has been recognized by the Department of Science & Technology. CARD
has been granted NABL accreditation by National Accreditation Board for Testing and
Calibration (NABL) based on the International Standard ISO/IEC 17025:2017.


The major functions of CARD include:

The total R&D expenditure, incurred as a group during the year 2023-24 was 43.37
Crore.


Human Resource Development

Your Company believes in its human assets who are the key performers driving the
Company's growth. Your Company provides a conducive working environment to its employees
wherein they deliver their best potential.


Training

Your Company strongly believes that the pursuit of excellence can be achieved only
through competency building, encouraging good work practices and enabling a learning
culture. Learning and Development Centre (L&DC) continuously strives to harness the
in-house talents by focusing on areas like emerging technology, environmental
consciousness, structured on boarding and mentoring using varied modalities and blended
learning opportunities.

For the persons employed in mines, Group Vestibule Training Centre (GVTC), Neyveli is
conducting Basic/Initial training to acquainted with mine environment before being
employed at mines, Refresher Training to sharpen their skill/renew their work experience
once in five years and Special job specific training in operation of SME and CME.

Apprenticeship training is being provided as per guidelines of the Regional Directorate
of Skill Development and Entrepreneurship, Chennai (RDSDE) and the Board of Apprenticeship
Training (BOAT) of Southern Region, Chennai. 


Industrial Relations

Your Company continued its faith in participative management and has a regular system
of holding bipartite structured meetings with the Recognised Unions (collective bargaining
agents) / Associations in addressing the common issues of the employees. The modified
Certified Standing Orders of NLC India Limited has been published on 30th November, 2023.
In General, Industrial Relations scenario in your Company was cordial and no man hour was
lost during the Financial Year 2023-24 due to industrial unrest.


Manpower

The total employee strength (including subsidiaries) stood at 10,368 as on 31st March,
2024 as against 10,781 as on 31st March, 2023.


Reservation of Posts

Your Company scrupulously follows the reservation policy applicable to SCs, STs and
OBCs as prescribed in the Presidential Directives GOI Guidelines. The group-wise
representation of SC/ST/OBC as on 31st March, 2024 stands as follows:


  

    

    

    
Strength of SC/ST/OBC
    
% of SC/ST/OBC
  
  

    
Group
    
Total Strength
    
SC
    
ST
    
OBC
    
SC
    
ST
    
OBC
  
  

    
A
    
2,982
    
634
    
312
    
641
    
21.26
    
10.46
    
21.50
  
  

    
B
    
167
    
37
    
4
    
50
    
22.16
    
2.40
    
29.94
  
  

    
C
    
5,565
    
1,078
    
55
    
2,144
    
19.37
    
0.99
    
38.53
  
  

    
D
    
1,654
    
410
    
5
    
847
    
24.79
    
0.30
    
51.21
  
  

    
Total
    
10,368
    
2,159
    
376
    
3,682
    
20.82
    
3.63
    
35.51
  


*Strength of OBCs on rolls of NLCIL after reservation for OBCs came in to effect
w.e.f.08 th September, 1993.

However more than required percentage of employees (covered in the Central list of OBC
category) have been recruited on the strength of BC category prior to reservation for OBCs
came to effect and continue to be on the rolls of the Company.


Employees' Welfare and Social Security Schemes

Educational facilities

Your Company is presently running 8 Schools with student strength of 4,291 nos. The
schools admit children coming from peripheral villages, wards of employees, contract
employees, daily wages workmen and others from economically weaker sections of society


Scholarship Schemes and Tuition Fee Concession

Your Company provides educational assistance (scholarships) to the wards of employees
belonging to General, SC/ST, OBC category and wards of Contract Workmen for pursuing
higher studies (under graduate degree / diploma / professional courses) till the duration
of the course subject to a maximum of five years.


  

    
Educational Assistance
    
Beneficiaries during AY 2023-24
    
Amount Disbursed
  
  

    
General
    
251
    
24.24 Lakh
  
  

    
SC/ST
    
323
    
37.18 Lakh
  
  

    
OBC
    
616
    
70.28 Lakh
  
  

    
Total
    
1,190
    
131.70 Lakh
  


Besides these schemes, your Company presents cash award to meritorious wards of
employees who secure 80% & above in CBSE and 90% & above in State Board 10th&
12th Std. exams.

In addition to the above, Your Company reimburses the tuition fees every year (ranging
from 15,440/- to 43,350/- per annum) for belonging to SC/ST/OBC category (predominantly
hailing from the surrounding villages of your Company's projects) studying in Jawahar
Science College, Neyveli, patronised by your Company.


  

    
Category of students
    
Beneficiaries during AY 2023-24
    
Amount sanctioned
  
  

    
SC/ST
    
407
    
111.20 Lakh
  
  

    
OBC (wards of Non-NLCIL employees)
    
1,000
    
286.01 Lakh
  
  

    
Total
    
1,407
    
397.21 Lakh
  



Medical Facilities

Your Company's health care model for protecting, preserving and promoting the health
and wellbeing of workforce is a time one with proven results. Your Company believes that
healthy workforce is the key driver of its economic wellbeing is supporting a sustainable
health care model since instituting the Hospital 1962. NLCIL Hospital a secondary level
medical facility with a bed capacity of 350 provides the following medical care
facilities/ services to the villages in and around Neyveli also:

• Emergency care linked with Advanced Life Support ambulance services for
inter-facility transfer of critically ill patients to centres.

• High End Cardiac Centre with State-of-the-art "Cath Lab Facility" was
established in collaboration with Shri Kauvery Medical Care (India) Ltd., Trichy at NLC
India Hospital, Neyveli. The centre is equipped to handle all medical emergencies with 25
bedded Cardiac facility. Procedures like coronary angiogram, coronary

Angioplasty and other procedures can be carried out in this centre.

• 8 bedded emergency unit equipped with centralized oxygen and suction lines, bed
monitors, devices and mini operation theatre is capable of handling all emergencies
including trauma and industrial accidents.

• The Intensive care Unit has 9 beds equipped with Multipara monitors,
defibrillators and three Ventilators to provide secondary level of care for all medical
emergencies.

• Emergency care service is provided on 24 X7 basis. Patients are treated in
various specialties that include General Medicine, General Surgery, Obstetrics &
Gynecology, Pediatrics, Orthopedics, Ophthalmology, ENT, Dermatology, Chest Medicine,
Psychiatry, Dental and Ayurveda Services.

• Out Patient Department (OPD) service is well supported by diagnostic facilities,
pharmacy and other therapy.

• Two Renal Care Units (RCU) RCU I run by the Company and RCU II through an
outsourced facility, with a combined capacity of 28 beds provide hemodialysis service to
chronic kidney disease patients.

• Surgical care services in General Surgery, Ophthalmology, ENT, Orthopedics,
Obstetrics & Gynecology and Dental leveraging the two state of the art Theatre
Complexes adequately staffed with anesthesiologists, OT Nurses and OT Technicians to
support all major surgeries at secondary level.

• The ENT workstation to enhance the Diagnostic aspects of Nose & Throat at
the Out Patient setup itself. It has another component, the video laryngoscope helps in
visualization voice box and for assessment of voice disorders difficulty swallowing.

• Your Company has launched its latest Integrated Hospital 

Management System (IHMS) to manage various aspects of the daily operations. In
coordination with State health department, the following were implemented for the benefit
of the general public:

• Family Welfare Services for achieving fertility control among the local
population.

• Universal Immunization programme for protecting children and adults against all
infectious diseases.

• Integrated Counselling and Testing, Treatment facilities for HIV infected
patients.

• Revised National Tuberculosis programme for prevention and treatment of TB among
the local population.

• National Leprosy Control Programme for early detection and treatment of leprosy
among local population.

• Occupational Health services that monitor health and wellbeing of workforce
through medical surveillance programme.

• Community Health camps to reach out to rural population and create awareness on
various health issues.

• Geriatric care services to the inmates of Ananda Illam run by your Company for
care of elderly persons who have no family support.

• Your Company has taken all the necessary steps for health and Safety of its
employees by conducting 100% initial medical check-up of all employees and contract
workmen, Periodical medical check-up of 100% employees and contract workmen of age more
than 50 years and more than 30% for employees and contract workmen of age less than 50
years.


Elders Home

To fulfil the special needs and requirements of the senior citizens, your Company runs
ANANDA ILLAM in Neyveli. This elders home provides hospice & home care to the elders
and help them to lead a happy and peaceful life with dignity. The employees of your
Company also lend their helping hand by contributing a fixed amount every month from their
salary to run the old age home.


Compliance under Persons with Disabilities Act, 2016

Your Company has evolved a comprehensive policy for Persons with Disabilities (PwDs) as
per the guidelines issued by DoPT for providing certain facilities / amenities to PwDs to
meet their requirements and enable them to effectively discharge their The strength of
PwDs as on 31st March, 2024 stood at 203.


"SNEHA" Opportunity Services and School

Your Company implements various social welfare measures towards the cause and
upliftment of the Physically Challenged Persons through Neyveli Health Promotion and
Social Welfare Society (NHPSWS), "SNEHA" Opportunity Services and School both
patronised by your Company. This School imparts education and training to mentally
challenged children (77 children: Boys-58 & Girls-19) which includes training in
vocations like arts & crafts, candle making, paper cup & cover making, carpentry,
gardening, cooking and doormat weaving.


Health Promotion and Social Welfare Society (NHPSWS)

Through the society, Tricycles, Wheel chairs, Hearing aids etc. are distributed at free
of cost to the disabled persons during Independence Day and Republic Day celebrations. The
society runs retail outlet shops namely VAIGHAI.


Implementation of Official Language Act, 1963

Your Company has made all concerted efforts to promote the Official Language
Implementation Policy in line with the and guidelines prescribed by Government of India
under the Official Language Act, 1963. .

In line with the Policy of Government of India and the Provisions prescribed under the
Official Language Act, 1963 your Company continues to promote the Official Language and
periodic Language Implementation Committee (OLIC) meetings are held to monitor the
implementation of Official Language Policy. During the year under review, Hindi Workshops
were organised besides celebration of Hindi Fortnight wherein competitions on Essay
Writing in Hindi, Poetry and Noting & Drafting in Hindi, Hindi Training, Personal
Contact Programme were conducted.


Women Empowerment - Forum of Women in Public Sector (WIPS):

WIPS NLCIL chapter was formed in 12th February, 1990 and is a Corporate Life Member in
the SCOPE since 1990. The strength of women employees in the Company as on 31st March,
2024 stood at 881 constituting 8.42% of Company's human resource.


The following activities were organized by WIPS, NLCIL by developing their potentials. 

• A Committee was formed to look into the grievances of women employees, including
to protect them from Sexual Harassment in work place. 

• For the benefit of the working women employees, "Anbalaya" a
well-equipped Creche with trained personnel is in operation. 

• The NLC India Limited chapter of WIPS has also organized and conducted several
sports, cultural activities, group discussions for the benefit of women employees.


Skill Development courses for women 

• In-line with Skill India Mission, launched by Hon'ble Prime Minister of India,
lot of initiatives have been taken up by for developing skills and promoting
entrepreneurship at a broader bandwidth.

• Entrepreneurship training for Women for Oyster mushroom Cultivation.

• As a part of International Women's Day 2024 celebration, creating awareness and
encouraging women for being entrepreneurs was one of the important efforts undertaken by
WIPS, NLCIL Chapter. 63 women attended the Program.


Safety

Your Company is taking pioneering efforts in the industrial safety area along with, the
on-going safety related initiatives, apart from compliance of statutory requirements for
enhancing safety standard in all the Mines and Thermal Plants.

Following are the measures being taken for ensuring safety of men and machines:

• Safety audit of all the Mines is conducted by multi-disciplinary Corporate
Safety Team every year and Safety audit of Thermal plants is conducted by accredited
external agencies once in two years.

• Corporate Safety Council members comprising representatives of different units
make inspection of the pre-determined every month and present its findings to the Unit
head and his team.

• Conducting workshops & Training on Safety in Mines and Thermal units. 

• Life-Saving Rules have been prepared & implemented in all the units. 

• Conducting Safety officers' meeting every month by Safety department and
discussing the Safety performance, Action taken on recommendations, etc.

• Mines at Neyveli (Mine I, Mine IA & Mine II) are being operated with
State-of-the-Art Technology i.e. Bucket Wheel Excavators, Spreaders, stackers and series
of conveyors having inbuilt safety features.

• Standard Operating Procedures (SOPs) have been established for all the
activities of the mines and thermal plants and are strictly implemented.

• Risk assessment based Safety Management Plans (SMPs) have been prepared as per
Coal Mines Regulation, 2017 for all the mining activities like Bench operation,
Specialized Mining Equipment (SME), Conveyor Zone, Ground Water Control (GWC),
conventional Mining Equipment (CME) etc. and is being practiced. 

• Pit Safety Committee meeting for the mine is conducted month besides special
safety meetings by individual sections/ divisions like conveyor division, blasting
division, electrical division etc. Similarly, Unit Safety committee meeting is conducted
by all thermal plants every month.

• Weekly Safety inspections of Mines, Thermal plants and other units are being
carried out by Corporate Safety executives and inspection report is submitted to Unit
Heads for compliance and improvement in safety standard.

• NLCIL Industrial Medical Centre has been recognized as training center for
imparting First Aid Training by DGMS (Directorate General of Mines Safety) and batches of
workmen are trained on first aid regularly.


Awards & Recognition

In recognition of its various activities, your Company, has been conferred with the
following awards during the year 2023-24:


  

    
Mine-II won "21st Annual Greentech Safety Award 2023" under Safety
    Excellence Category.
    
Barsingsar Lignite Mine was awarded with "Platinum Award" in "15 th
    Exceed Occupational Health Safety & Security Award-2023" in December, 2023 at
    Thiruvananthapuram (Kerala) organized by Sustainable Development Foundation, New Delhi.
  
  

    
Mine-II won "Gold Award" in "15 th EXCEED Safety & Security Award
    2023" in "Best Safety Leadership" category under Mining Sector and the
    award was received from Sustainable Development Foundation on 15 th December, 2023 at
    HILTON GARDEN INN, Trivandrum, Kerala.
    
Barsingsar Lignite Mine was awarded with Overall Second Prize in Safety Week
    Celebration-2023-24 under aegis of DGMS, Northern Zone held at Jaipur in December, 2023.
    Barsingsar Lignite Mine won total 6 prizes in said function.
  
  

    
Barsingsar Lignite Mine won "21st Greentech Safety Awards-2023"
    for outstanding achievement in "Safety Excellence" category on 29th May 2023.
    
Barsingsar Project was awarded with 1st prize in firefighting during Mines week
    celebration DGMS Ajmer region in December, 2023.
  


TPS-I Exp. Awarded with 15th Exceed Gold award for occupational health and safety at
Trivandrum on 15th December, 2023. 

NLCIL Mines, Neyveli Mine-I, Mine-IA, Barsingsar Lignite Mine and Talabira II & III
OCP were awarded 5 star rating and Mine-II was awarded 4 Star Rating by MoC for the FY
2022-23 by Ministry of Coal for overall performance including safety.

Mine II won the National Safety Award (Mines) for Lowest Injury Frequency Rate (LIFR)
per Million Cubic Metre Output among opencast coal mines for the year 2021.


Risk Management

A comprehensive Integrated Risk Management Policy and 

Framework as approved by the Board is in place in your Company. Besides risk
prioritization, the roles and responsibilities Members are clearly defined. As per the
policy, an Internal Risk Review Committee (below Board level) review the risks on a
quarterly basis. The risk assessment together with the minimization procedure is reviewed
by the Risk Management Committee, Audit Committee and the Board periodically.


Vigilance

Vigilance is a critical management tool that helps in channelizing the efforts of an
organization towards higher growth trajectory Its function should not be viewed as
impediment in achieving the objective of the Company rather it should be viewed as
facilitator in accomplishing its objective.

In order to protect the interests and preserve the integrity of the Organisation, your
Company has established a robust Vigilance department headed by a Chief Vigilance Officer
at the level of Secretary to Government of India. The CVO acts as an advisor to the CMD in
all matters pertaining to vigilance and as nodal of the Organisation for interaction with
CVC and CBI. 

The activities undertaken by Vigilance Department is Pro& Punitive and other
measures to sensitize the employees of Company. Complaints received in the department are
dealt based on the "Complaint Handling Policy" and are processed through the
Complaint Tracking System (CTS) from receipt up to disposal. As a preventive measure,
Surprise Checks, Regular Checks, Quality Checks, Follow-up Checks and CTE Type
Examinations are conducted.

As part of preventive vigilance measures, carried out various checks across all
functional areas and units and recommended systemic improvement measures for
implementation. ‘Vigilance Awareness Week ‘(VAW 2023) observed from 30th
October, 2023 to 4th November, 2023.

During the week, promoted awareness of PIDPI and ‘Say No to Corruption' campaign
through Special Stalls at the key locations, Audio and Visual contents, Street Plays, Mob
Dance, thoughtfully prepared ‘Handouts' and ‘Brochures' (trilingual), Short
films competition, talk shows, debates, Interview with General public and grass root level
employees, ‘Signature Wall', Rally (Walk) with students.


Implementation of Integrity Pact

Your Company is committed to have most ethical business dealing with the Vendors,
Bidders and Contractors of goods and services and deal with them in a transparent manner
with equity and fairness. To achieve these goals, your Company is implementing the
Integrity Pact Programme in co-operation with Central Vigilance Commission (CVC) and
renowned International Non-Governmental Organisation, Transparency International India
(TII). Integrity Pact with the suppliers / contractors for all Tenders with an estimate of
1 Crore and above are monitored.

During the year 2023-24, one Structured meeting held with Independent External Monitors
(IEMs) for discussions on procurement and contract related issues. During the period, the
IEMs held 11 Review meetings wherein the orders covered under Integrity Pact were reviewed
and 3 meetings were held with Contractors for the Tender/Contract related issues raised by
the Contractors/Vendors.


Cyber Security

To protect against cyber security threats, your Company has a maze of protective
equipment like Network and Web application firewall for perimeter security and antivirus
protection to . laptops.


Digital Culture

Your Company has undertaken the following initiatives while transforming to digital
culture:

a. SAP ERP is used as the enterprise software for core business. 

b. E-Procurement of products and services is carried out through a common portal. 

c. Email, Intranet, SMS services help for dissemination and Virtual Private Network
(VPN) has enabled extended office connectivity.

d. Video Conferencing, Collaboration tools and virtual meetings are being conducted
with distant Business units. 

e. Pro-Active and Digital Initiatives like E-office, Management System and E-payments
have ensured digitization of documents and paperless processes. These have simplified
e-governance by ushering in more effective and transparent processes. 

f. Supported by a robust network infrastructure with the project sites connected by
MPLS, Hyper Converged Infrastructure for Servers, your Company is in the process of
embracing new technological platforms to make the infrastructure more robust and seamless.


g. Your Company has taken measures to maintain Inventory of all Critical Information
assets with risk Assessment and Business Impact Analysis and Contingency plan for IT
systems for strengthening Cyber Security of the organization. 

h. The digitization efforts have been a definitive step towards making the internal
processes robust and unified which is contributing immensely towards addressing the
Environment Social Governance (ESG) parameters for the Company.


Centralized Payment Process of Stores and Spares

In your Company, payment for spares and other materials purchased by units were carried
out by the respective unit account centre except for the materials purchased by Permanent
Central Stores (PCS) and Mines Sub Stores (MSS). For PCS and MSS, the payment was carried
out by accounts centres of Material Management Complex (MMC) and Mine I, respectively.
Thus, the centralised payment implemented in March, 2024 has helped in controlling the
payments and reducing the time taken for making the payments. 


Awards & Recognition

• For Company's outstanding efforts in embracing and implementing digital
transformation initiatives, SCOPE (an body of public sector enterprises) Eminence Award
2019-20 for digital transformation was awarded by Vice President of India on January 18,
2024.

• SCOPE Eminence award acknowledges the exemplary performance of public sector
enterprises and individuals contributing significantly to organisational growth and the
national economy.


Compliance Monitoring

Your Company has set up a software based Legal Compliance Management System (LCMS) for
effectively monitoring and ensuring compliances of all legal provisions applicable to the
Company.


Corporate Social Responsibility

Your Company, as a socially responsible corporate citizen, continues to carry out
developmental works in the surrounding villages, right from its inception, focusing on the
socio economic development of the operating regions for achieving inclusive &
sustainable growth.

Your Company is adopting a Corporate Social Responsibility Policy covering the various
sectors of sustainable socio-economic development. Your Company focuses on healthcare,
education, sanitation, safe drinking water, hunger, poverty and malnutrition eradication,
women empowerment, gender equality, environment sustainability, rural sports, protection
of National Heritage, Arts and Culture, Rural Development, Water Resource Augmentation.
The funds utilised for the CSR projects, programs and activities selected for
implementation are as per the CSR Policy of the Company which is available in the website
in the following link https://www.nlcindia.in/new_website/index.htm.

During the year 2023-24, your Company had spent 47.36 Crore which is more than 2% of
the average net profits of the Company for the last three year.

The details on specific Corporate Social Responsibility projects undertaken in
compliance with Section 135 of the Companies Act, 2013 is placed as Annexure- 1.


Compliance under the Right to Information Act, 2005

Your Company ensures compliance under the Right to Information Act, 2005. Central
Assistant Public Information Officers different functional areas, Nodal Officer, Central
Public Officer, Appellate Authority and Transparency Officer have nominated to attend to
the queries and appeals received under the RTI act in a time bound manner.

During the year 2023-24 under the above Act, 567 applications containing 2269 queries
were received and out of which 545 applications have been disposed off as on 31st March,
2024 and remaining 22 applications were under process & have not elapsed the mandatory
period. 123 RTI First Appeal have been received and all have been disposed off as on 31st
March, 2024. 

Hearings for second appeal have been attended to 9 cases and CIC decision was
favourable to your Company for 8 cases. 

Your Company had won Public Relations Society of India (PRSI) National Awards, second
place in Best PSU implementing RTI 2023-24.


Compliance under Public Procurement Policy

The Ministry of Micro, Small and Medium Enterprises (MSMEs) has notified the Public
Procurement Policy. The total procurement made from MSMEs during the year 2023-24 was
50.53% as against the target of 25%. Your Company has on boarded on Trade Receivable
e-Discounting System (TReDS), a platform which facilitates the financing of trade
receivables of MSMEs from corporate and other buyers, including Government Departments and
Public Sector Undertakings (PSUs), through multiple financiers.


Procurement through GeM Portal

During the year 2023-24, your Company has procured goods & services from Government
e-Marketplace (GeM) Portal for 1,679.40 Crore. Efforts are being continuously made to
maximize the procurement in GeM Portal by using the functionality of "Custom
Bid" introduced in GeM during the year 2020. 


Citizen's Charter

Your Company maintains Citizen's Charter, indicating details of clients, customers
under different heads, different system of redressal of grievance etc., and the same is
regularly updated.


Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo

The particulars required under Section 134(3)(m) of the Companies Act, 2013 regarding
conservation of energy, technology absorption and foreign exchange earnings and outgo are
furnished in


Annexure-2.


Management Discussion & Analysis Report and

Report on Corporate Governance

The Management Discussion & Analysis Report is furnished in Annexure-3. The
report on Corporate Governance on the compliance of Corporate Governance conditions
stipulated by SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 and
the DPE guidelines on corporate governance is furnished in Annexure-4. been The
Auditors' Certificate on the compliance of above Corporate Governance Conditions is
furnished in Annexure 5.


Statutory Disclosures under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015

Annual Return

In accordance with the Companies Act, 2013, the annual return in the prescribed format
is available at https://www.nlcindia.in/ investor/AR2022-23_1.pdf.


Particulars of Contracts or Arrangements with Related Parties

All related party transactions entered during the year 2023 - 24 were in the ordinary
course of the business and are on an arm's length basis. The disclosure of related party
transactions as required under Section 134(3)(h) of the Companies Act, 2013 in Form AOC 2
is not applicable to your Company. Members may refer to note no. 40 to the financial
statement which sets out related party disclosures pursuant to Ind AS-24.


Declaration by Independent Directors

The Independent Directors have given a declaration on meeting the criteria of
independence as stipulated in Section 149(6) of Companies Act, 2013 & Regulation 25(8)
SEBI (LODR) and they have registered their names in the Independent Directors' Databank.


Particulars of Employees

As per provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, every listed
Company is required to disclose the ratio of the remuneration of each Director to the
median employee's remuneration and details of employees receiving remuneration exceeding
limits as prescribed from to time in the Directors' Report.

However, as per notification dated 05th June, 2015 issued by the Ministry of Corporate
Affairs, Government Companies are exempted from complying with provisions of Section 197
of the Companies Act, 2013. Therefore, such particulars have not been included as part of
Directors' Report.


Disclosures with respect to Demat Suspense Account/ Unclaimed Suspense Account in terms
of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

As on 31st March, 2024, there were 1000 shares pending unclaimed in the Demat Suspense
Account/unclaimed Suspense Account.


Material changes affecting financial position between the end date of Financial Year
and the date of the Report.

There are no material changes affecting the financial the Company between the end of
the Financial Year and the date of this Report.


Sexual Harassment of Women at Workplace

As required under Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013, suitable mechanisms were put in place in your Company to address the
issues faced by women employees. A separate Internal Complaints Committee has been
constituted for looking into the complaints relating to sexual harassment of women at
workplace. During the year 2023-24, three complaints were received and same have been
resolved and as such no case is pending at the end of the year.


Auditors 

Statutory Auditors

M/s. Manohar Chowdhry & Associates, Chartered Accountants and M/s. Sundaram &
Srinivasan Chartered Accountants were appointed by the Comptroller & Auditor General
of India (C&AG) as the Joint Statutory Auditors of the Company for the Financial Year
2023-24 under Section 139 of the Companies Act, 2013.The Board of Directors of your
Company has fixed 45 lakh plus applicable taxes as the Statutory Audit fees for the year
2023-24, to be shared equally by the Joint Statutory Auditors.


Branch Auditors

M/s. N. Sarda & Associates, Chartered Accountants, has been appointed as the Branch
Auditor of the Company for the year 2023-24 by C&AG for conducting the audit of
Barsingsar Branch. The Board of Directors of the Company has fixed 5.0 lakh plus taxes as
the Branch Audit fees for the year 2023-24.

M/s. K. D. Lath & Co., Chartered Accountants, has been appointed as the Branch
Auditor of the Company for the year 2023-24 by C&AG for conducting the audit of
Talabira Branch. The Board of Directors of the Company has fixed 5.0 lakh plus taxes as
the Branch Audit fees for the year 2023-24.


Secretarial Auditors

D. Hanumanta Raju & Co., Practicing Company Secretaries, was appointed as the
Secretarial Auditor of the Company for the year 2023-24. The Secretarial Audit Report for
the Financial Year 2023-24 & the reply to observations of the Secretarial Auditors and
the Secretarial Auditor Reports of the Subsidiary Companies are furnished in Annexure-6.


Cost Auditors

M/s. R.M. Bansal and Co., Kanpur, was appointed as the Cost Auditors of the Company for
the year 2023-24 to conduct the Cost Audit for Mines & Power Stations of the Company.
The Cost Audit Report for the Financial Year 2022-23 was filed within due date with the
Ministry of Corporate Affairs on 08 th August, 2023.

In accordance with the provisions of Section 148(1) of the Act, read with the Companies
(Cost Records and Audit) Rules, 2014, the Company has maintained Cost Accounts and
Records.


C&AG's Comments

Comments of the Comptroller & Auditor General of India (C&AG) of on the
Financial Statements of the Company for the year ended 31st March, 2024 under
Section 143(6)(b) of the Companies Act, 2013 along with the Management reply to the
comments thereon are furnished in Annexure-7.


Adequacy of internal financial controls with reference to the Financial Statements

Your Company has, in all material aspects has an adequate internal financial controls
system over financial reporting and such internal financial controls over financial
reporting were effectively as at31st March, 2024. Based on the internal control over
financial reporting criteria established by the Company, considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting issued by the ICAI.


Directors' Responsibility Statement as per Section 134(3) (c) & 134(5) of the
Companies Act, 2013.

The Board of Directors declares that:

a. in the preparation of the annual accounts, the applicable accounting standards had
been followed along with proper explanation relating to material departures; 

b. the Directors had selected such accounting policies and applied them consistently
and made judgement and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company at the end of the financial and of the
Profit and Loss of the Company for that period; 

c. the Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities; 

d. the Directors had prepared the annual accounts on a going concern basis; 

e. the Directors, had laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and were operating
effectively; and 

f. the Directors had devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems were adequate and operating effectively.


Board of Directors

Appointment

Details of appointment of Directors on the Board of the Company are as under:

a. Shri M. Venkatachalam has been appointed as Director (Power) w.e.f. 26th April,
2023. 

b. Dr. Beela Venkatesan, Principal Secretary to the Government of Tamil Nadu, Energy
Department has been appointed as Government Nominee Director w.e.f. 10th July, 2023. 

c. Dr. Prasanna Kumar Acharya has been appointed as Director (Finance) w.e.f. 15th
January, 2024.


Cessation

The following Directors relinquished from the Board of Directors of the Company:

a. Shri Ramesh Chand Meena, Additional Chief Secretary to the Government of Tamil Nadu,
Energy Department ceased to be a Part-time Official Director, w.e.f.10th July, 2023 due to
change in nomination. 

b. Shri MT Ramesh ceased to be Independent Director w.e.f. 25th March, 2024 consequent
to his resignation. 

c. Shri K. Mohan Reddy ceased to be Director (Planning & Projects) w.e.f. 01st
June, 2024 due to superannuation.

Your Directors wish to place on record their whole-hearted appreciation for the
valuable guidance and services rendered by them during their tenure as Directors on the
Board of the Company.


Key Managerial Personnel

Dr. Prasanna Kumar Acharya, Director (Finance), was appointed as Chief Financial
Officer of the Company w.e.f.06 th February, 2024.

Dr. Suresh Chandra Suman was ceased w.e.f. 15th January, 2024 as Chief Financial
Officer of the Company consequent to the appointment of Director Finance.

Further, pursuant to Section 152 of the Companies Act, 2013, Dr. Suresh Chandra Suman
and Smt. Vismita Tej, Directors will retire by rotation at the ensuing Annual General
Meeting of the Company and being eligible offer themselves for the re-appointment.


Reporting of Frauds by Auditors

During the year under review, the Statutory Auditors, Cost Auditors and Secretarial
Auditor have not reported any instances of frauds committed in the Company by its Officers
or Employees to the Audit Committee under section 143(12) of the Companies Act, 2013.


Acknowledgement

The Board of Directors of your Company places on record its sincere appreciation for
the continued support and guidance extended by the Ministry of Coal, Ministry of Power,
Ministry of New and Renewable Energy, Ministry of Finance, Ministry of Environment &
Forest and Climate Change, Ministry of Mines, Ministry of Personnel, Public Grievances and
Pensions, Ministry of Jal Sakthi, Ministry of Industry, Ministry of Labour and Employment,
Ministry of Railways, Ministry of Heavy Industries, Ministry of Road Transport and
Highways, NITI Aayog, DIPAM, DPE, Central Electricity Authority, Central & State
Government Departments, Central & State Electricity Regulatory Commissions, Andaman
& Nicobar Islands Administration, State Electricity Boards and beneficiaries of Tamil
Nadu, Andhra Pradesh, Telangana, Karnataka, Kerala, Uttar Pradesh, Gujarat, Odisha,
Puducherry and Rajasthan and also the Joint Venture Partners, viz., Tamil Nadu Generation
and Distribution Corporation Limited(TANGEDCO), Uttar Pradesh Rajya Vidyut Utpadan Nigam
Limited (UPRVUNL), Coal India Limited, Mahanadi Coalfields Limited and Hindalco.

The Board of Directors of your Company is pleased to acknowledge with gratitude the
co-operation and continued support extended by the Governments of Tamil Nadu, Rajasthan,
Uttar Pradesh, Jharkhand, Assam, Gujarat and Odisha, V.O.C. Port Trust, Tuticorin and the
District Administrations of Cuddalore, Tuticorin, Bikaner, Andaman & Nicobar,
Sambalpur, Jharsuguda, Kanpur Nagar, Latehar, Angul and Dumka. The support and
co-operation extended by the Comptroller and Auditor General of India, Statutory Auditors,
Branch Auditors, Internal Auditors, Cost Auditor, Secretarial Auditor, Director General of
Mines Safety, Directorate of Industrial Health & Safety, Boiler Inspectorates, Chief
Inspector of Factories, the Director of Boilers, Central Pollution Control Board, State
Pollution Control Board, Chief Controller of Explosives, Chief Vigilance Commissioner,
Coal Controller Officers, Regional Labour Commissioner, Regional Provident Fund
Commissioner and other Statutory Authorities, the Company's Bankers, Financial
Institutions and KfW of Germany, Vendors, Suppliers, Contractors and other valued
Stakeholders need special mention and the Directors acknowledge the same.

Your Directors also wish to place on record their appreciation for the dedicated work
put forth by the Employees at all levels.

The positive role played by the recognized Trade Unions and Associations of the
Engineers and Officers in maintaining cordial industrial relations deserves special
mention.


  

    

    
For and on behalf of the Board of Directors
  
  

    
Place : Chennai
    
Prasanna Kumar Motupalli
  
  

    
Date : 31st August, 2024
    
Chairman and Managing Director