New Delhi: Neyveli Lignite Corporation Limited (NLC India) Ltd has approved the formation of two joint ventures with Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RVUNL).
 

The first joint venture will focus on establishing a lignite-based thermal power plant in Rajasthan, including the development of associated mines to supply fuel for the power station. This project is subject to approval from the Government of India and other regulatory authorities.
 

Additionally, NLC India Renewables Ltd, a wholly-owned subsidiary of NLC India, has received in-principle approval to partner with RVUNL to develop renewable energy projects with a combined capacity of up to 2,000 MW. This venture is also pending approval from the Government of India and other regulatory bodies.
 

Under the agreements, NLC India will hold a 74% stake in both joint ventures, while RVUNL will hold a 26% stake. The initial paid-up capital for each venture will be Rs 5,00,000, with equity shares issued at a face value of Rs 10 each. NLC India will nominate four directors to the joint venture company, and RVUNL will nominate two. /BI