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| Exchange Disseminated Time 11/08/2016 16:57:41 | NLC India Ltd has informed BSE that:
"In continuation to our earlier communication with regard to the proposal for acquisition of 1200 MW (2x600 MW) Raghunathpur Thermal Power Project (RTPP) of Damaodar Valley Corporation (DVC), it is hereby informed that subject to the approval of Competent Authorities, NIC India and DVC have entered into a Joint Venture Agreement (JVA) for formation of a Joint Venture Company (JVC) to acquire the 1200 MW (2x600 MW) RTPP at a consideration value being the project cost as recognised by CERC / Appellate Authorities for arriving at the final power tariff, As per the JVA, NLC India will be holding 74% of the equity share capital in the JVC and the balance by DVC.
As informed in the earlier communication, NLC India being a Government Company, the proposal for investment in the JVC is required to be sanctioned by the Government of India. The Ministry of Coal, the Administrative Ministry, in consultation with the other Ministries, is in the process of submitting the proposal to the competent authority for sanction of investment decision." |
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