NLC India and Coal India have inked Memorandum of Understanding (MoU), for formation of Joint Venture (JV) Company for setting up Solar Power Projects of 3000 MW and Thermal Power Projects of 2000 MW.
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 ratio 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.
NLC India is engaged in the business of lignite mining and power generation. At present, the company has four opencast lignite mines.