The board of directors of NLC India Ltd. approved a proposal on Thursday to enter into a joint venture agreement with Rajasthan Rajya Vidyut Utpadan Nigam Ltd. for setting up a lignite-based thermal power station and developing the mines to meet the fuel requirement of the plant.
At a meeting, the board also approved a proposal to form a joint venture company with RVUNL through NLC India Renewables Ltd., a wholly owned subsidiary, for developing renewable power projects of capacity of up to 2,000 megawatts, according to an exchange filing.
The joint venture will be subject to approval from the Government of India and other statutory approvals.
Shares of NLC India closed 0.72% lower at Rs 274.15 apiece on the BSE, compared to a 0.43% advance in the benchmark Sensex.
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