NLC India Ltd (formerly Neyveli Lignite Corporation), a navratna company has decided to set up a pithead coal-based power project in Odisha with a capacity of 3200 MW. On the power plant, the company will spend Rs 11785 crore. The proposed thermal plant is to come up at Tareikela near Jharsuguda in western Odisha. The site chosen for the coal-fired power generating station is in the vicinity of the Talabira-II and Talabira-III coal blocks the company has won in the state.
Coal based power plant aside, NLC has committed an investment of Rs 2250 crore on a string of solar power projects in Odisha with a capacity totaling 300 MW. The solar power plants are targeted for multiple locations. The locations for solar power projects were yet to be decided as the state government was struggling to alienate patches of contiguous land for such projects. Most solar proponents were opting for hinterland locations for putting up their solar plants.
Confirming NLC’s interest in Odisha, a senior state government official said, “NLC has submitted proposals for coal based power plants and renewable energy projects. Their proposal after being vetted by the Single Window Clearance Authority has now been referred to the High Level Clearance Authority for final approval.”
Engaged in the business of lignite mining and power generation, NLC reported strong numbers in the December quarter. Its net profit surged to Rs 336.17 crore compared to Rs 17.90 crore in the corresponding quarter of last fiscal. Total income went up 39 per cent sequentially from Rs 1412.37 crore to Rs 1964.21 crore.
The board of NLC India has approved a buyback offer worth Rs 1491 crore for 150 million shares. The buyback will be done at Rs 99 per share and is payable in cash.
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