NLC, Coal India form JV to develop solar and thermal power assets

Government-owned mining majors NLC India Ltd and Coal India Ltd have formed a joint venture to develop solar and thermal power assets to the tune of 5,000 megawatts of power.

Both compes will hold equal 50:50 equity in the joint venture company.

"This marks a new era in the power sector with synergy and expertise of two central public sector undertakings under the Ministry of Coal," NLC India said in a statement.

The company -- earlier known as Neyveli Lignite Corporation -- has a power generation capacity of 5,192 megawatts besides lignite mining capacity of 30 million tonnes per annum.

Its projected capital expenditure up to the year 2025 is Rs 1.28 lakh crore with a debt-equity ratio of 70:30.

Coal India is the single largest coal producer worldwide and operates through 83 mining areas spread over eight states in India. It produces 607 million tonnes of coal annually.

( With inputs from ANI )