Coal India and NLC will jointly develop 5 GW of power capacity (India)
State-run coal giants Coal India Ltd. (CIL) and NLC India Ltd. (NLCIL, formerly Neyveli Lignite Corporation) have signed a Memorandum of Understanding (MoU) for setting up a 50-50 joint venture (JV) to develop 2 GW of coal-fired and 3 GW of solar PV power generation projects. The proposed solar projects are expected to be completed within 15 months (by early 2020) and thermal projects within 60 months (by late 2023).
The cumulative investment in the company is estimated at RUP12,000 crore (approximately US$1.6bn) and the projects would be financed through a debt equity ratio of 70/30. A concept paper will be prepared and later submitted by the two companies to their respective boards for clearance.