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Chennai-based navratna PSU company, NLC India Ltd (formerly Neyveli Lignite Corporation), has firmed up plans to set up a pithead coal-based power project in Odisha with a capacity of 3,200 Mw.
The power plant entails an investment of Rs 11,785 crore, and 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.
Apart from coal-based generation, NLC has committed an investment of Rs 2,250 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 that are yet to be identified, as the state government has been struggling to alienate patches of contiguous land for such projects. Most solar proponents were opting for hinterland locations for putting up their 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 from 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 1,964.21 crore.
The board of NLC India has approved a buyback offer worth Rs 1.491 crore for 150 million shares, at Rs 99 a share, payable in cash.