NLC India Limited (NLCIL) and National Aluminium Company Limited (NALCO) have signed a joint venture (JV) agreement to develop a 4 × 270 MW (1,080 MW) coal-based captive thermal power plant at Angul, Odisha. The JV company will be promoted by NLCIL and NALCO with equal equity participation of 50:50.

The JV will develop, finance, construct, own and operate the captive thermal power plant to meet the power requirement of NALCO’s 0.5 million tonnes per annum aluminium smelter expansion project. Further, it will enter into a 25-year fuel supply agreement with NLCIL for coal from the Machhakata coal mine or other mines, and a 25-year power purchase agreement with NALCO for 100 per cent offtake of power.