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 companies will hold equal 50:50 equity in the joint venture company.
Its projected capital expenditure up to the year 2025 is 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. NLC India Limited is a ‘Navratna’ government of India company in the fossil fuel mining sector in India and thermal power generation.