NLC to Invest Rs 14,000 cr in Thermal and Solar Power Plants in Odisha

NLC to Invest Rs 14,000 cr in Thermal and Solar Power Plants in Odisha_insights_success

The Chennai-based PSU company, PLC India Ltd (formerly known as Neyveli Lignite Corporation), has confirmed plans to set up a pit head coal based power project in Odisha with the capacity of 3,200 Mw. The power plant will entails an estimated investment of Rs 11,785 crore, and is to be built at Tareikela near Jharsuguda in the western part of 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 acquired in the state.

Apart from coal-based power generation, NLC has also committed a total investment of Rs 2,250 crore on a chain of solar power projects in Odisha with a capacity totaling about 300 Mw. The solar power plants are to be designed for multiple locations but 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.”

Involved in the business of power generation and lignite mining, NLC has reported strong numbers in the December quarter. Its net profit heaved to Rs 336.17 crore from Rs 17.90 crore in the resultant quarter of last fiscal. Total income went upto 39% successively from Rs 1412.37 crore to Rs 1,964.21 crore. The board of NLC India has accepted a buyback offer worth Rs 1.491 crore for 150 million shares, at Rs 99 a share, totally payable in cash.