Neyveli Lignite plans Rs12K cr power foray
Neyveli Lignite Corporation Ltd (NLC) has firmed up plans to invest Rs10,000-12,000 crore in setting up power projects in addition to entering the renewable energy segment by setting up wind energy farms and solar units. The proposed investments, to be funded through the issue of bonds and private placements, form part of its strategy to become a 2,500 Mw power generation company by 2012, according to a top official of the company.
NLC has inked a 50:50 JV with Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd for setting up a coal-based 2000 Mw power plant at an estimated investment of Rs10,000 crore in the state Uttar Pradesh. The initiative has got a in principle approval from the state government for the allocation of 2500 acres of land and 80 cusecs of water for the project.The company is also setting up a 1,000 Mw unit in tandem with the Northern Coal Fields Ltd in Madhya Pradesh. As part of its growth strategy the company is also likely to participate in the bidding for the setting up of Ultra Mega Power Projects with a capacity of 4,000 Mw across states like Tamil Nadu, Chhattisgarh, Maharashtra, Karnataka and Orrisa.