Neyveli Lignite Corporation, a state-owned Indian enterprise based out of Chennai, is now NLC India Limited. The company informed the Bombay Stock Exchange (BSE) on Friday that it got 97.52 percent of the votes polled in support of the special resolution for the name change and for altering its Memorandum of Association and Articles of Association.
The company had sought approval through postal ballot and e-voting for changing its name. The votes were scrutinised on Wednesday.
Neyveli is the name of a town in Cuddalore district, Tamil Nadu. The company, incorporated on Nov. 14, 1956, took its original name from the town and is predominantly engaged in lignite excavation and generating power from it.
On March 15, the company informed the BSE of the notice being sent to its shareholders seeking approval for changing the name of the company.
"The company has expanded its activities to other parts of the country and also has embarked upon expansion plans to add power generation capacity by foraying into coal and renewable energy sources like wind and solar based power generation. Further the company has also plans to acquire power assets and engage in coal mining besides development of domestic coal block(s) allotted by the government of India.
"Since the present activities of the company are no longer restricted to lignite mining and confined to Neyveli region alone as brought out above, approval of members is being sought through postal ballot for the change in the name of the company from Neyveli Lignite Corporation Limited to NLC India Limited and consequent alteration in Memorandum and Articles of Association."
On Feb. 23, the company informed the BSE that the union coal ministry conveyed allocation of two coal blocks (Talabira-II & III) in Odisha to NLC to generate power for NLC Tamilnadu Power Limited, Neyveli Uttar Pradesh Power Limited and Sirkali Power Project.
NLC India posted net profit and revenues of Rs. 47.61 crore and Rs. 1,225.25 crore, respectively for the quarter ending December 2015.
The NLC stock closed at Rs. 71.20 on Wednesday on the BSE, up 0.92 percent from its previous close. The government of India holds 90 percent stake in the company.