NLC India Limited Join hands with Coal India Ltd for stepping up Solar Power Generation

Deepthi | Myequity news | Date : 08-10-2018 21:55:00 IST

NLC India Limited (NLCIL), Neyveli and Coal India Limited (CIL), Kolkatta have inked a Memorandum of Understanding (MoU), in CIL Headquarters at Kolkatta for formalion of Joinl Venture Company for setting up Solar Power Projecls of 3000 MW and Thermal Power Projects of 2000 MW. The estimated cost for CIL's solar power generation is pegged at Rs.12,000 Crores.

Shri Nathella Naga Maheswar Rao, Director (Planning & Projects), NLCIL and Shri Binay Dayal, Director (Tech.), CIL signed the MoU on 08.10.2018 at Kolkatta. in the presence or Shri Rakesh Kumar, Chairman cum Managing Director, NLCIL and Shri Anil Kumar Jha, Chairman, CIL. All the functional directors of CIL were present during the occasion. The Directors of NLCIL and senior officials were also part of the event through video conferencing.

The JV Company to come up on equal equity participation of 50:50 has a time line of 15 months for completion of solar power projects and 60 month period for Thermal Power Projects. The projects will be financed through debt equity ralio of 70:30 as per the CERC norms. A concept paper has been initiated by both the companies to get clearance from their respective boards.

About NLC India Limited:

NLC India Limited (formerly Neyveli Lignite Corporation Ltd.), a forerunner amongst the Public Sector Undertakings in the country in the energy sector, contributing to a lion's share in lignite production and significant share in thermal power generation. The Company was incorporated in the year 1956 with the inauguration by the former Prime Minister Pandit Jawaharlal Nehru. NLCIL is a Navratna Government of India Enterprise, under the administrative control of Ministry of Coal.

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