Nikhil Nigania

Hi, thank you for taking my question. My first question is on renewable loans. I wanted to understand, are we funding merchant renewable plants as well? Or is PPA condition precedent for loan disbursement?

Understood. And would it be fair to assume the strategy won't change going forward, the preference would be towards PPA and to minimize merchant renewable plants?

That's helpful. And secondly, just on that note only. In terms of competition on funding the renewable space, do you see incremental interest from banks to lend to renewable plants or is still largely you and your peers?