Joint Venture of NLC India and Coal India to invest in 3,000 MW solar projects

NLC India Ltd and Coal India Ltd have plans to get into 3,000 MW of solar power generation, a top NLC India official said.

“NLC India and Coal India have formed a joint venture company Coal Lignite Urja Vikash Private Ltd. We will be bidding for about 3,000 MW of solar power projects that will be tendered. The investment needed will be about Rs 125 billion,” NLC Chairman-cum-Managing Director Rakesh Kumar told IANS.

He said Coal Lignite Urja is a 50:50 joint venture company and NLC India has already invested Rs 1 lakh as its share of equity. “As per plans the debt-equity ratio will be 70:30,” Kumar said.

Apart from solar power projects, Coal Lignite Urja will also get into thermal power generation, he added. According to him, teams have started working and board meetings of the joint venture company are being held.

Kumar also said the company has received an insurance claim for the loss sustained due to fire at its power plant last year. Employment has been provided to the kin of the workers who had died in that accident and the injured have been rehabilitated, he said.