NLC India Ltd to form 50:50 JV with NALCO for power plant

NLC India Ltd announced that its Board of Directors has approved the incorporation of a Joint Venture Company with National Aluminium Company Limited (NALCO). The JV will have a 50:50 equity participation between NLC India and NALCO. The primary objective is to develop a 1080 MW (4 X 270 MW) Thermal Captive Power Plant in phases to meet NALCO's captive power requirements. The company will also explore options for long-term Power Purchase Agreements (PPAs) for NALCO's renewable energy needs. The incorporation is subject to statutory, administrative, and DIPAM guidelines. The shares in the proposed JVC will be acquired by way of cash subscription at face value of Rs. 10/- each.