NLC India (NLCIL) has announced that it has signed a joint venture agreement with National Aluminium Company (NALCO) for the development of a 1,080 MW (4x270 MW) coal-based captive thermal power plant at Angul, Odisha.

The Joint Venture Agreement was signed in the presence of G. Kishan Reddy, Union Minister for Coal and Mines.

The Joint Venture Company will be jointly promoted by NLC India and NALCO with an equal equity participation of 50:50. The Joint Venture will develop, finance, construct, own and operate the 1,080 MW captive thermal power plant, ensuring a reliable long-term power supply to support the expansion project, stated the company.

It further added that the initiative marks a significant milestone in strengthening collaboration between two leading Central Public Sector Enterprises and reflects the Government of India's commitment to promoting integrated resource development, energy security and sustainable industrial growth.

In February 2026, NLC India and NALCO signed an MoU to jointly develop a 1,200 MW thermal captive power project and expand renewable energy collaboration, with scope for future joint project development.