NLC and Coal India to form JVC for Developing Solar and Thermal Power Assets
A Navratna Company of Government of India- NLC India Limited has signed an agreement with a Maharatna Company- Coal India Limited to form a Joint Venture Company (JVC) for developing Solar and Thermal power assets. In the Joint Venture Company, both NLC and Coal India will have equal 50:50 equity. This was informed on 3rd July 2020 by NLC India.
Solar and Thermal power assets of 5000 megawatts (5 GW) will be developed by the joint venture company.
The Joint Venture Company will be set up under the Ministry of Coal.
4.5 billion Units- the total annual power requirement of Coal India Limited (including its subsidiaries), citing this large power requirement, the Ministry of Coal has tasked Coal India Limited to form a Net Zero Energy company (an entity that generates its own green power).
In November 2019 it was reported that under the Net Zero Company, a 3000 MW of Solar Power generation for Coal India Limited will be set up while for its subsidiaries, setting up 2000 MW of additional Thermal Power generation was planned.
NLC India Limited
Incorporated in the year 1956, NLC India Limited is headquartered in Tamil Nadu’s Neyveli. The company was earlier known as Neyveli Lignite Corporation Limited. It is a wholly-owned company of the Government of India.
Coal India Limited
Coal India Limited was founded on 1st November 1975 and is the largest coal-producing country in the world. It is headquartered in Kolkata.