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NTPC and NALCO to form JV for Power Generation

Dec 17th, 2016 7:29 am | By | Category: LATEST NEWS

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THE NEWSMAN OF INDIA.COM
NTPC Limited and National Aluminium Company Limited (NALCO) signed an Memorandum of Understanding (MoU) today in New Delhi in the presence of Piyush Goyal, Minister Of State (I/C) Power, Coal, NRE and Mines,Dharmendra Pradhan, Minister Of State (I/C) Petroleum And Natural Gas, Tathagata Satpathy, Lok Sabha MP from Dhenkanal,Prafulla Kumar Malik, Minister of Labour, Employees State Insurance Steel and Mines, Govt. of Odisha, Gurdeep Singh, CMD,NTPC ,Dr. T. K. Chand, CMD, NALCO and other dignitaries. The MoU was signed by B.K. Thakur Director (HR), NALCO and K. Biswal Director (Finance), NTPC. The Joint Venture Company shall establish a 2400 MW (3X 800 MW ) coal based power project at Gajmara, Dhenkanal in Odisha and supply captive power for expansion plans of NALCO at Angul and also greenfield project at Kamakhyanagar in Dhenkanal, Odisha.

Speaking on the occasion Piyush Goyal said in coming days the demand for aluminium shall increase many folds in the rapidly growing Indian economy the projects led by swadeshi companies shall take forward the Make in India initiative bringing jobs and opportunities for the people of Odisha. He appreciated the turnaround capability of NTPC by running nearly 50 year old Talcher Thermal Power Station at more than 90 % PLF. Goyal said environment friendly power generation is a priority with the government.

Dharmendra Pradhan in his address said that mineral rich state of Odisha is now getting its due with many new industries being set up in the state. He said this JV of NALCO and NTPC is ideal tie up two respected companies and advocated setting up of more industries bringing state of the art technologies to Odisha.

The two leading Central Public Sector Companies are synergizing their respective domain expertise to fuel the economic growth of India in general and state of Odisha, Joint Venture Agreement , Power Purchase Agreement etc. shall be fast tracked and be in place by the end of the current financial year. The Joint Venture between NTPC and NALCO has potential to create value for both the companies’ which have public equity – both GoI equity as well as publicly held equity. Coal from the mines allocated to NALCO shall be linked to the Joint Venture project at Gajmara. The Aluminium Smelter Projects and Power Project will act as catalyst for industrial growth in the region creating avenues of tangible and intangible benefits for the people of State and generate Direct and Indirect Employment for Engineers, Supervisors, skilled, semi-skilled and un-skilled workers.

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