State-owned power giant NTPC's arm NTPC Green Energy Ltd (NGEL) is planning to raise funds through an initial public offering this fiscal, according to a source.

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NGEL is a fully-owned subsidiary of NTPC.

Earlier, it had planned to sell 20 per cent of the NTPC's stake in NGEL to a strategic investor for Rs 3,000 crore.

The source did not disclose the quantum of funds to be raised through the listing.

SBI Capital Markets will be the advisor for the listing of NGEL, the source said.

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Earlier, three bidders had evinced interest in the stake sale proposal but it could not materialise later.

In March this year, the Union Cabinet allowed NTPC to invest more than the ceiling of 30 per cent of its net worth in NGEL.

The NTPC's net worth stood at Rs 1.28 lakh crore, as per its annual report for the financial year 2021-22.

NTPC has an ambitious target of having 60 GW of renewable energy by 2032.

The Union Cabinet also exempted the NGEL's investment in NTPC Renewable Energy Ltd and its other JVs/subsidiaries, subject to a ceiling of 15 per cent of its net worth beyond the monetary ceiling of Rs 5,000 crore to Rs 7,500 crore, towards achieving a target of 60 gigawatts of renewable energy capacity by parent NTPC Ltd.

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